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It is fairly common to hear stories in the news about how labour markets are not working as they should. These stories cover issues such as discrimination over who is offered a job; how people are paid; or people being paid too much or too little. However, ignoring these issues, labour markets do not always lead to resources being allocated in the most efficient way possible. There are quite a few ways in which labour markets fail to allocate resources efficiently.
Exam questions can focus on the various ways in which labour markets ‘fail’. These include:
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