How Labor Supply Is Impacted by External Factors Essay

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The article “The Swift Jobs Recovery Under Biden Will Have Long-Lasting Benefits for Workers” by Jean Ross and Jessica Vela was published on October 3, 2022. This story touches upon the labor market’s recovery from the shocks of the last financial crisis and the COVID-19 pandemic (Ross & Vela, 2022). The authors conclude that a sound economic policy, combined with public investment, helps minimize the consequences of crises for workers and their families, stimulating employment and income growth.

The main economic idea disclosed in this article is that external factors affect the labor supply. In some cases, with the intervention of state structures, it will be easier for the labor market to recover from shocks. Part IV of the textbook examines how the labor supply and demand curve can change depending on external factors (Mateer & Coppock, 2021, p. 456). The COVID-19 pandemic has reduced the number of jobs and household income, which has increased the demand for employment. However, investments at the state level help create new jobs and start production so that the increased labor demand is supported by sufficient supply. The growth of wages, provided with financial support from the state, also stimulates the interest of workers in employment. This economic idea is indicated in the article as the main factor influencing positive job growth and worker income increases.

The analysis of the current situation with the labor market in the USA given in the article shows positive trends in this area. After all the upheavals of recent years, the economy, and the labor market, cannot quickly and effectively recover without the help and support of government agencies. Even though this caused an increase in the expenditure of taxpayers’ money, I believe that, in this case, the end justifies the means. The well-being of ordinary American families is the main criterion for the state apparatus to cope with its duties correctly.

Cristian’s response in this situation coincides with how the government and economic structures act. The labor market is a fundamental structure for the well-being of society and the prosperity of families and communities for the upbringing of children. Charitable assistance to low-income families is an integral part of the life of Christians. However, improving employment and raising salaries is a more stable and long-term way to improve family life. Therefore, assistance from the state in the form of investments can be a benefit to ordinary people and reasonable assistance.

References

Mateer, G. D., & Coppock, L. (2021). Principles of microeconomics (3rd ed.). W. W. Norton & Company

Ross, J., & Vela , J. (2022). . Center for American Progress. Web.

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IvyPanda. 2024. "How Labor Supply Is Impacted by External Factors." February 27, 2024. https://ivypanda.com/essays/how-labor-supply-is-impacted-by-external-factors/.

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IvyPanda. "How Labor Supply Is Impacted by External Factors." February 27, 2024. https://ivypanda.com/essays/how-labor-supply-is-impacted-by-external-factors/.

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