BUDS Think 2021 deciphers the labor market
With the aim of raising awareness among students of the Nobel Prize in Economics, the Department of Commerce and Financial Studies of the University of Bharathidasan has joined forces with the internal quality assurance unit of the university to organize “BUDS Think 2021 “.
Economics professors and pundits recently debated whether paying workers a minimum wage would reduce employment, against the backdrop of claims by Nobel Laureates that the minimum wage does not lead to employment. unemployment.
In his lecture on “The Effect of the Labor Market on Immigration”, Jebamalai Vinanchiarachi, former Senior Advisor to the Director General of UNIDO, Vienna, Austria, shared his observations on migrants from the mountainous region of Nuba in South Sudan, The Story of Migration in Africa and Trade Union Interventions to Focus on Improving Productivity.
S. Iyyampillai, Senior Professor of Economics (Retired), University of Bharathidasan, observed that productivity exceeding supply leads to unemployment, in his special address titled “Effect of the labor market on minimum wages”. Government intervention in any form (for the enforcement of minimum wage payment), although done with good intention, would lead to a negative outcome, he said, adding that Knowledge workers were in an advantageous position because of the attributes of creativity, efficiency, productivity and innovation in thinking.
Citing evidence presented by Nobel Laureate David Card via Phillips Curve that the minimum wage does not lead to unemployment, SM Suriyakumar, professor at the Bharathidasan Institute of Management, Tiruchi, detailed the background to the introduction of minimum wages in countries around the world.
With nearly 45 crore of migrant workers and 90 crore of informal sector employees in India, everyone should have a role in production, said Prof Suriyakumar, quoting Indian philosopher and economist JC Kumarappa, in his talk on ” The effect of the labor market on education ‘.
In his inaugural address, Vice Chancellor Selvam said the minimum wage for workers would not reduce employment, as long as demand exists, while advocating exploration of uncharted areas.
The Nobel Prize event was launched as an innovative practice to educate students about the Nobel Prize, said Mr. Selvam, professor and head of the department of commerce and financial studies at Bharathidasan University, noting that ‘The right job in the right person’ would make the labor market easier to operate.
The program enabled around 100 students to seek every opportunity as a learning experience and to be flexible to adapt to situations and be successful, said Prof Selvam.