Level of Labour Force and Average Wage: Correlation Aspect

Abstract

Many years have passed and the world changed beyond recognition since Adam Smith originated his supply and demand theory of labour market. Consequently the question comes to the fore: Do the models of economy from extramundane satisfy real situation of present-day market? This article presents the latest situation of the labour market. The number of employees in the labour market is not a vital factor but the most important is knowledge they have. To evaluate the knowledge of labour market is not so easy, because it is the qualitative parameter. But we can use statistical information which lets us estimate the correlation between knowledge level of labour force and average wages. The technical achievements make a man study hard in order to maintain his personal value in the labour market. The latest achievements and globalization process oblige employers to find such employees who pass universal abilities and have very good orientation in the dynamic environment. The number of employees has decreased to minimum because figures in employment are not too important. The main focus is on employee’s abilities and knowledge. The concept of these thoughts is: classical supply and demand theory of labour market does not work anymore, as it was created when we do not have modern transport system, huge capital, data and labour flows. Innovations in information technologies are changing economy. Organizational changes require complex processes and learning of new skills in enterprises. All areas of economy are transformed, because new technologies demand to be adopted. As a consequence, the demand for knowledge is constantly growing everyday because the knowledge creation by professional groups such as researchers and engineers as well as by the different social communities, developing different forms of life, working life, family life, leisure and public space. As the competition in labour market is very tough, lifelong learning becomes the most important. For a modern man one learning cycle during his life time is not enough because knowledge gets outdated very quickly. The interviews showed that distance studies are really a good proof in favour of lifelong learning, because in the era of globalization this fits the best. Recently education and training systems have been facing the challenge of building a so called learning society, improving their access to knowledge to different kinds of users taking advantage of the different kinds of media.