Abstract

The world labor market is a key and one of the most complex elements of the world economy. The labor market is a multifaceted object of research, and there are many definitions and interpretations of this concept in modern economic literature. The purpose of the article is to substantiate the theoretical and methodological foundations of the definition of the labor market and the systematization of theories regarding the interpretation of the definition "world labor market". In the article the author analyzed various theoretical and methodological approaches to the interpretation of the concept of "labor market" and "world labor market" in different eras of the development of economic science. It was determined that among the authors there is no unified approach to the interpretation of these concepts. There are also many definitions of the "labor market" in modern economic literature, which interpret it either as socio-economic relations, or as a system of relations, or as a mechanism. Based on the analysis of approaches to the study of the labor market within the national framework, the article defines the need for state intervention in the economic mechanism of the labor market in the views of scientists of various economic schools. Consideration of the labor market on a global scale is given in such theories as the theory of the world labor market, the theory of human capital, the theory of social capital, the new economic theory of migration, the theory of the segmented (dual) labor market, the theory of technological development, the theory of "attraction-repulsion", the theory of migration networks, the theory of migration systems and the theory of the new international economic order. On the basis of the conducted research, modern theories studying the functioning of the labor market at the micro-, macro- and global level are summarized and systematized. It is well-founded that most modern theories of the world labor market focus their attention on the process of international migration of labor resources, because in the second half of the 20th century it became an important part of the process of internationalization of international economic life. The commonality of views of scientists is manifested in the fact that the basis of the modern world labor market is formed by international labor flows.

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