Blundell, Richard;
(2024)
The Labour Market.
In: Deaton, Angus, (ed.)
Economics and Changing Economies. 2nd Edition.
(i879-i883).
Oxford Open Economics: Oxford, UK.
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Abstract
The labour market has changed dramatically across most developed economies over the past four decades. These changes are characterized by widening earnings inequality, a rise in female participation in the paid labour force, an increase in education levels, an increase in alternative work arrangements, an increase in immigration, and an increase in both domestic and offshore outsourcing. The UK has seen some of the largest of these changes, although the same underlying trends have been experienced in many economies in North America and Europe. Over the 40-year period until 2019, the UK moved from being in the middle of the earnings inequality pack of OECD countries, with a 90:10 percentile ratio of gross earnings for men of 2.7 in 1980, to 3.5 in 2019 and second only to the US. There were similar but less dramatic rises among women. Even though these changes are large, the rise in the 90th percentile of earnings does not capture the huge increases in earnings experienced at the very top, resulting in a highly unequal distribution of labour market earnings, with median CEO pay to the median UK full-time worker pay standing at 119:1 in 2019.
| Type: | Book chapter |
|---|---|
| Title: | The Labour Market |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1093/ooec/odad083 |
| Publisher version: | https://doi.org/10.1093/ooec/odad083 |
| Language: | English |
| Additional information: | © The Author(s) 2024. Published by Oxford University Press. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited. |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > School of Education UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > School of Education > UCL Institute of Education UCL > Provost and Vice Provost Offices > School of Education > UCL Institute of Education > IOE - Education, Practice and Society UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10214545 |
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