"Efficient labour markets needed to reduce poverty & to reduce unemployment" Prof. Aman Agarwal
Press Release (ePRNews.com) - ST. PETERSBURG, Russian Federation - May 22, 2017 - There is an urgent need for efficient labour markets, for generating employment, poverty alleviation and wealth creation in different economies of the world, as generating employment and alleviation of poverty are among the most important priorities of any government in the world, said IIF Professor Aman Agarwal, while delivering the Plenary Keynote Speech as a Guest of Honour at State University of Aerospace Instrumentations, (SUAI), St. Petersburg, Russia. in the SUAI International Week on Knowledge Economy : Challenges and Opportunities today 22nd May, 2017. Professor Agarwal is currently Professor of Finance and Dean, Indian Institute of Finance and Executive Editor, Finance India.
To create efficient labour markets, there is a need to setup a National Labour Exchange, urged Professor Agarwal. His speech was based upon “Theory of Employment, Wealth and Efficient labour Market through National Labour Exchange” developed at the Indian Institute of Finance by its four senior economists: Professor J.D.Agarwal, Professor Manju Agarwal, Professor Aman Agarwal and Professor Yamini Agarwal.
Efficient labour market will help the nation, a firm and the labour in reducing poverty, easy access to information by removing information asymmetry, facilitate nearly perfect mobility of labour and reduce unemployment said Prof. Agarwal while addressing a large audience at State University of Aerospace Instrumentations, Russia.To create efficient labour market, digitization of labour records is requiredfeels Prof. Agarwal.
Prof. Agarwal was critical of Keynsian’sGeneralTheory of Employment as it was a result of the great depression of 1931-36. Keynsian theory is irrelevant in today’s context.
Prof. Agarwal is of the opinion that Labour in itself is wealth of a nation and required to be utilized effectively but suffer from lack of employment opportunities, poverty, poor wage, income variations, immobility and many other problems
According to him the labour market today is far from perfect due to lack of necessary information. Prof. Agarwal stated that the payment to labour should be based upon on the basis of value addition rather than wages as currently done. The return to labourshould be directly linked to productivity. An efficient labour market can best be developed through setting up of National Labour Exchange. It would help save employment cost in the market driven economic system with asymmetric information and help solve the problems of laying off in the adverse economic conditions.
The welcome Address in the international week was delivered by Prof. Dr. Yulia A. Antokhina, Rektor, State University of Aerospace Instrumentations, Russia and Prof. Dr. Ovodenko Anatoly Arkadevich, President and UNESCO Head of Chair, State University of Aerospace Instrumentations, Russia. Other key speakers were Dr. KseniiaBaimakova, State University of Aerospace Instrumentations, Russia; Dr. Arthur Colin, Samara University, Russia; Dr. Nadine Hackmann, Westphalian University of Applied Sciences, Germany; Dr. Harm Hilvers, Christian University of Applied Sciencess, The Netherlands, Dr. Peter Holicza, Obuda University, Hungary; Dr. Mikhail Krichevsky, State University of Aerospace Instrumentations, Russia; Dr. Pascal Ricordel, Universite Le Havre Normandie, France and Dr. Anna Sankina, State University of Aerospace Instrumentations, Russia.
It is an honour for IIF that one of the authors of the theory and its professor is invited as a guest of honour and plenary key note speaker by SUAI, RUSSIA in International Week on Knowledge Economy; Challenges and Opportunities. Professor Agarwal would deliver a series of lectures on different subjects including Financial inclusion, digital economy etc. during the week.
Source : Indian Institute of Finance
