Abstract
The global knowledge economy has transformed the world of work in the last four decades. Over the last 40 years the Australian economy underwent major structural change a phenomenon that was initiated in the United Kingdom and the United States in the 1980s. This paper discusses and analyses institutional change characterised by the decentralisation of collective bargaining structures that began in the early 1980s. The paper analyses the impact of these reforms by providing a simple analysis of job creation over a thirty year period. The paper concludes that institutional labour market change can at times produce negative welfare outcomes, particularly as it relates to employment creation. The impact of these effects is increasing inequality of earnings in the labour force.
Highlights
The global knowledge economy has transformed the world of work in the last four decades
Many economists and other social scientists have described these changes as the rise of the Global Knowledge Economy (GKE) (e.g. OECD, 1996; Houghton & Sheehan, 2000)
The paper is divided as follows: section 1 provides an introduction; section 2 discusses changes in the Australian labour market; section 3 presents the various institutional reforms that occurred in Australia over the last three decades; section 4 examines labour market change over a 40 year period; section 5 analyses upskilling in employment growth and hours worked; and section 6 provided a discussion of results and conclusions
Summary
Globalisation, on the other hand, is being driven by national and international deregulation, transportation improvements and by the IT related communications revolution (Houghton, 2002) These forces are having a massive impact on nations, regions, firms, communities and individuals in the way in which they perform their daily activities and are required to adapt to such profound changes. Since the mid-1970s most OECD member countries, including Australia, have experienced fundamental economic and social change These have manifested themselves in a variety of ways, including rapid technological change, freeing up of capital markets, increasing overseas trade and massive changes to the labour market. The paper is divided as follows: section 1 provides an introduction; section 2 discusses changes in the Australian labour market; section 3 presents the various institutional reforms that occurred in Australia over the last three decades; section 4 examines labour market change over a 40 year period; section 5 analyses upskilling in employment growth and hours worked; and section 6 provided a discussion of results and conclusions
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