This conceptual, interdisciplinary seminar will start with an introduction to the new, networked, knowledge-driven, global economy. The main objective of this seminar will be to negate the notion that we have, at present, one labor market for human capital, and will conjecture that we currently have (or are about to have) three autonomous markets for labor that are driven by different market dynamics and mechanisms. The three markets will be identified as: routine labor, skilled labor, and talent. Each one of the markets will then be discussed, including future trends, issues, and remedies. This trifurcation of the labor markets is mostly the combined result of phase transition resulting from three major impetuses. The first is the effect(s) that technological revolutions have on the supply and demand of/for multidimensional skills of human capital. Second is the “winner take all” market structure enabled by the “industrial” economy’s framed legislation and social norms. The third impetus is the context (for the technological revolutions and the nature of the markets) of a networked global economy that is driven by knowledge developing at an accelerated pace. The conjecture proposed here is that the three labor markets’ dynamics are to a considerable degree dissimilar. Legislating, conducting monetary, and fiscal policies that treat them as one labor market could (and probably already does) cause more harm than good, resulting in destabilizing the labor markets (as indicated by the growing unemployment rate of the young generation worldwide) and by extension, the social fabric of the new economy (as indicated by the growing economic and educational inequality worldwide). The seminar will conclude with a research framework of the three labor markets, followed by a summary, including the need for a new legal and social paradigm regarding labor and the need for a new formal model for value creation.
Meir Russ is a Professor in Management at the Austin E. Cofrin School of Business at the University of Wisconsin--Green Bay. He also teaches at KEDGE-Bordeaux School of Management, the University of Pisa, GSA Master program, NORD University, Norway; Master of Knowledge Management program and at Roma-Tre, Rome, Italy Ph.D. program. His research interests include human capital valuation methods, knowledge-based strategies and the new-knowledge based economic development among others. In addition to his academic focus, Dr. Russ serves in a consulting capacity with a number of multinational companies in the area of global strategic management and knowledge management. Prof. Russ is the founding editor of The International Journal of Management and Business (IJMB) and at present he is the Chief Editor of Online Journal of Applied Knowledge Management (OJAKM). He edited five books and published over forty papers on the subjects of Knowledge Management and Human Capital, among others. He also is the Frederick E. Baer Professor in Business and the Philip J. and Elizabeth Hendrickson Professor in Business.
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