Personal Reaction

I support the article’s decision to focus on the market as a means of attracting more labor. The market influences the necessary incentives that workers need such as motivation, job advancement, and wage increase. Moreover, the market makes it easier for employers to act on such incentives by creating a fair ground for them to increase their profits. The article’s main issue is the lack of workers to tackle industry needs. Unlike unemployment which directly affects individuals, the problem of slow hiring reflects negatively on the economy with economists arguing that it equally slows productivity. Slow hiring means that industries cannot find the right skills and hence reduced or no invention which affects a nation’s productivity.

Moreover, low unemployment does not present opportunities for organizations, but it sometimes exposes the inadequacy of skill among many employees, a factor that negatively affects the productivity of individual organizations (Caggiano, Castelnuovo & Groshenny 79). However, both are significant issues that could lead to an economic crisis since they can unsustainably topple the labor market. Based on the economic principle that consequences of choice lie in the future, I predict that the economy will leverage the situation since it will revolutionize the production of goods and services and trade policies in a way that benefits not only employees but also their respective employers (Elsby, Shin & Solon S260). Moreover, the government will be able to understand the impending consequences of this issue and consider revising its tariffs in a way that does not hurt potential industries and industry owners. By doing this, the labor market will be able to attract more experienced workers.

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