Loosely Regulated Markets and Government Regulation:
The United States has one of the world’s freest labor markets. For this thread, explore the AFL-CIO’s Job Tracker database to see some of the aspects of loosely regulated markets. What type of market exists in your local area? What are the pros and cons of free labor markets? Based on your reading and analysis, is there a need for government regulation?
The First Student Response-Jennie Bradley
The freer the labor market is, the more flexibility there is in regards to the staffing and compensation of businesses. Pros to having a free labor market include, firstly, the ability of companies to hire and fire in a way that is beneficial to the company. According to Forbes, more restricted labor markets are characterized by unemployment due to the inability of companies to hire and fire without complicated regulations. Countries like France are less likely to hire based on the mandatory benefits and vacation time they have to give new hires in accordance with market standards (Weinberg & Dukcevich, 2003). Another pro to having a free labor market is that it by nature promotes fairness. Workers are free to move between companies in order to find the best compensation, which compels businesses to work to offer fair wages in order to attract employees. The emergent property resulting from the self-organizing dynamics of the free market promote fairness within the labor market (Venkatasubramanian, 2010, p 1515).
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