Abstract
eeds and Expectations: Controllers in the Hungarian Labor Market
Highlights
Since the 1990s, as an effect of globalization, technology has replaced labor in production to an even greater extent
Capital needs the elasticity of the labor market (Mészáros 2010)
Beveridge (1909) recognized that unemployment cannot be completely eliminated in the economy
Summary
Since the 1990s, as an effect of globalization, technology has replaced labor in production to an even greater extent. Beveridge (1909) recognized that unemployment cannot be completely eliminated in the economy. Capital needs the elasticity of the labor market (Mészáros 2010). Instead, he believes that a minimal level of unemployment (2–3%) is required. He believes that a minimal level of unemployment (2–3%) is required He argues that without that reserve, the labor market would not be flexible enough. Unemployment is a natural consequence of capitalist production; its growth was a characteristic and necessary spin-off of globalization.
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