Effects of Structural Changes in the Economy of United Kingdom and How Essay

Effects of Structural Changes in the Economy of United Kingdom and How the Labor Market is affected - Essay ExampleThis means that the air in which the human resource departments of various organizations operate under distinct economic conditions is influenced by the prevailing economic conditions hence affecting the moil market. In other words, transfigures that occur in the prudence have significant effects on the labor markets and practices of human resource entities of m some(prenominal) organizations. It is arguably true that the early(prenominal) changes in the economy have a close relationship with what happens today. This is probably brought about by the fact that changes in the economy are caused by mutualist events that take place over time. One of the most conspicuous effects of structural changes of the economy is inequality in the labor markets. This effect is because of different factors that prescribe certain labor relates issues at a national, regional or even the global economy level. This paper addresses how structural changes in the economy affect the labor market and subsequently how human resource practices are influenced by such changes. A closer analysis of this issue draws much information from the trends observed in United Kingdom and London in particular. This explains various economic causative factors that affect the labor market resulting into inequality as one of the main effects. apprehensiveness the Structure of an Economy and the Structural Changes An economy is analyzed using different factors that can be observed within an economy. Parts called sectors are the principal elements of specify and analyzing an economy. It is difficult to assess an economy without understanding the components that make its structures. Sectors may be rigd using groups of industries or even different parts of various industries. Sectors are categorized into primary, secondary or tertiary (Anelore 11). These categories are used to explain d ifferent phenomena associated with structural changes of an economy. Primary sector embrace all activities that are at one time linked to the use of natural resources while secondary sectors include all activities of production of goods (Zoltan 11 Anelore11). The tertiary sector refers to all services in the underground sector such as insurance, banking, and finance among others (Unknown Author, 2 Mukesh et al. 38). A combination of primary and secondary sectors is referred to as the goods sector (Smith & Grant 76). The three sectors of the economy that define the structures of an economy are pertinent in highlighting various effects of structural changes of the economy to labor markets. It is obvious that when in that location are shifts in any of these sectors, there are certain changes that are structural within the economy thus affecting the labor market. This is because employment and employment requirements are influenced by the economy. Although there is a no a consensus o ver what elements that define structural changes of an economy, there are different theoretical explanations that define these changes. Irrespective of the varied perspectives by different intellectuals, structural changes within an economy can be defined as changes that have occurred within an economy causing fundamental shifts in the way an economy is organized to hitherto. This makes it necessary to understand past trends of an economy before embarking on investigating current trends. In relation to the effects of the changes to the labor market, structural change of an economy is the shift from manufacturing-dependent to service based