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• W2330356987 abstract "This study endeavors to discover the employment dynamics based on the data pertaining to the period 19812009 to look into the employment potential of Punjab manufacturing sector of Punjab. Expansion in Punjab manufacturing sector was afflicted with the declining levels of efficiency overtime. Capital formation was labour displacing and additional capital seems to be devoid of new technology, for capital productivity did not contribute to the value addition. Punjab manufacturing sector did not show ample potential to generate employment. Labour productivity grew positively during the study period; however decelerating overtime, acted as a driving force to value addition in Punjab manufacturing sector. Positive growth in labour productivity reflected positively in wages even better than the growth in employment. KeywoRDs Employment Elasticity, Capital Deepening, Labour Productivity, Introduction: It is, generally, accepted fact that higher output growth is accompanied by enhanced employment. However, rate of growth in employment may not be at the same pace as that of output. It depends on the levels of employment elasticity and the nature of technological change which the manufacturing sector deployslabour displacing or labour absorbing. Labour productivity may improve, overtime, due to capital deepening and the skill development. Consequently, high labour productivity may reduce the employment creation and may bear the negative relationship with employment creation. Productivity growth reduces production costs and increases returns on investments, some of which provide greater income for business owners and investors, while some is reflected into higher wages. The virtuous circle between productivity and employment is also fed through the investment side of the economy, when some productivity gains are reinvested by a firm in product and process innovations, improvements in plant and equipment and measures to expand into new markets, which in turn spur further output growth and productivity. So, employment dynamics is very complex phenomenon and information of such dynamics is very crucial for respective governments for policy formulation. The developing country like India has dual nature of production structure, agricultural sector with low productivity and surplus labour, and a capital intensive industrial sector characterized by technological change and increasing returns in many manufacturing groups. The transfer of the labour resources to this more productive sector (manufacturing sector) of the economy depends on the growth of latter’s derived demand for labour (Jesus Felipe, 1998). Similarly, the production structure of Punjab also experienced such character, agriculture sector still dominate in the contribution to the state domestic product and absorption of labour force, for more than 40 percent of its work force even now earns its livelihood from agriculture sector, however, the manufacturing sector has been lingering with about 10 percent absorption of work force for last two decades. The agriculture sector performance of the state has already reached to the level of stagnation, and it has recorded negligible growth rate during the last decade. In addition, the existing cropping pattern (wheat-paddy rotation) seems to be unsustainable due to increasing costs, irrigation and environment problems. (Johl, 2005; Aulakh, 2005). Efforts made to change cropping pattern through the process of diversification to other crops by adopting the route of contract farming system failed to fructify. Consequently, this sector is unable to bear additional burden of increasing work force. The manufacturing sector holds the key to generate employment opportunities outside the farm sector. In addition, there are number of technical education imparting institutions continuously producing thousands of technocrats and drive them to the labour market in search of productive employment. They are required to be absorbed in the industrial sector, which necessitates dynamic manufacturing sector in the state with lot of employment generating potential. In this background, this study has been carried out to study the employment dynamics in Punjab manufacturing to infer something concerning potential of this sector to generate employment. The level of employment, wage share, employment elasticity and its productivity, theoretically, bears a special relationship (Ghose, 1994), for the movement of these structural and technical variables, overtime, helps to work out the character of this sector to absorb the labour force. Literature Review: There are several studies that are relevant here to be discussed to have better insight towards the employment dynamics. It has already been stated, output growth bears positive relationship with employment growth. In this context, Okun (1962) stated that level of unemployment bears direct relationship with GDP growth in the economy. Every one percent increase in unemployment above a “natural unemployment” that GDP will decrease by anywhere from two to four percent from its potential. Verdoorn’s (1949) established strong relationship between the growth of industrial productivity and industrial output, for faster growth in output increases productivity due to increasing returns. He argued that “in the long run a change in the volume of production, say about 10 per cent, tends to be associated with an average increase in labor productivity of 4.5 per cent.” The Verdoorn’s coefficient close to 0.5 is also found in subsequent estimations of the law. Verdoorn’s law differs from the “the usual hypothesis ... that the growth of productivity is mainly to be explained by the progress of knowledge in science and technology” (Kaldor, 1966), as it typically is in neoclassical models of growth (e.g. the Solow model). Verdoorn’s law is usually associated with cumulative causation models of growth, in which demand rather than supply determine the pace of accumulation. Horst et al (2009) investigated the trade-off between employment and labour productivity in a panel of OECD countries in 1970-2003. The endogeneity of employment is shown to matter crucially for assessing its effect on productivity. Estimating a structural model with 3SLS, where employment depends on demographic variables and labour market institutions, the study found that employment tends to boost productivity. However, literature ignoring the endogeneity of employment incorrectly finds a negative or insignificant effect from employment on productivity. The productivity gain is, however, not a guaranteed by-product of additional employment, as regressions with rolling windows reveal." @default.
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• W2330356987 date "2011-10-01" @default.
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• W2330356987 title "Employment Dynamics : A Case of Punjab Manufacturing Sector" @default.
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