The relationship between job demand and supply in the human social sphere is a complex interplay influenced by a multitude of factors, including technological advancements, economic conditions, demographic shifts, and geopolitical dynamics. This relationship dictates labor market tightness, wage growth, and the evolution of required skills. My opinion includes as below:
Several critical factors drive changes in the demand and supply of human social jobs:
Technological Advancements: Automation, artificial intelligence (AI), and robotics are profoundly impacting various sectors. While these technologies can displace workers in routine tasks, they also create demand for new skills in areas like AI development, data science, and robotics maintenance.
Demographic Shifts: Aging populations in many developed countries lead to a shrinking workforce and increased demand for healthcare and elder care services
Education and Training: The supply of skilled labor is heavily dependent on the education and training systems in place. Mismatches between the skills demanded by industries and those supplied by the workforce can lead to structural unemployment .
Economic Cycles: Recessions and booms significantly influence job demand. During economic downturns, demand for labor typically decreases, leading to job losses and increased unemployment. Conversely, periods of economic growth often see increased job creation.
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John Lok
JOHN LOK, Behavioral Economist
A central theme in my work, as indicated by the description of his book "Learning New Social Behavioral Economy Strategies," is the application of strategic thinking to adapt to evolving business environments . This aligns with the principles of behavioral economics, a field that combines economic theory with psychological insights to understand real-world decision-making Behavioral economics, unlike traditional neoclassical economics, acknowledges that human decisions are often influenced by biases and emotions, not just rational self-interest . This perspective is crucial for understanding consumer choices and organizational behavior in various sectors, including health, insurance, and corporate environments ].
My research questions, such as "How e-service brings organizational innovation?" and "How technology helps organizations to reduce cost?", reflect a practical approach to understanding how modern tools and methods can be leveraged for economic advantage . My view also explores the impact of facility management on cost reduction and employee performance, and the role of education and government policy in fostering economic development . Ultimately, my view aims to identify the most effective factors for economic growth and to provide industry strategies that resonate with contemporary business challenges .
