Financial Management Appraisal of U.S. Administration Non-Keynesian Approach to Tackle Recession: Overemphasis on Employment of High Skilled-Cum-Aged Labour (Forming Minority) at the Expense of Majority Unskilled Labour Does Not Augur Well for Economic Recovery

By Swamy, M. R. Kumara | Journal of Financial Management & Analysis, July-December 2011 | Go to article overview

Financial Management Appraisal of U.S. Administration Non-Keynesian Approach to Tackle Recession: Overemphasis on Employment of High Skilled-Cum-Aged Labour (Forming Minority) at the Expense of Majority Unskilled Labour Does Not Augur Well for Economic Recovery


Swamy, M. R. Kumara, Journal of Financial Management & Analysis


Introduction

According to the Federal Reserve Bank (of New York and Kansas City) economists:

The employment patterns appear to reflect two key factors: long-term trends and cyclical fluctuations. The strong employment growth for highly educated and older workers is a continuation of longer term shifts toward a more highly educated workforce and the aging of the baby boom generation. The employment gains for men are associated with men having a stronger cyclical attachment to the labor force when labor market conditions are weak.

The employment patterns based on this analysis do not provide evidence of a mismatch of workers and jobs at this stage of me labor market recovery. The workers in highest demand are those with the most education, yet the population of highly educated workers has increased at a faster rate than employment in the recovery1.

U.S. Employment Pattern

Employment for workers with a bachelor's degree or higher has increased by 1 . 1 million, and employment for workers with some college or an associate's degree has increased by 345 thousand. Employment has declined for less-educated workers, by 576 thousand for workers wim a high school diploma (or equivalent) but no college, and by 66 thousand for workers with less than a high school diploma.

Employment for workers age 55 and older has risen by 1.4 million. For young workers, ages 16 to 24, employment has risen by 28 1 thousand. Employment of prime-age workers, those ages 25 to 54 who comprise die bulk of die labor force, actually has fallen during die recovery by 512 thousand. The recent pattern is part of a broader shift in employment toward more highly educated workers.

Role of Technical Personnel

Engineers are by inclination and profession the builders of society. A nation's growth and progress rests in the hands of its engineers supported by technicians and craftsmen whose roles are intertwined and without each one's contribution would result in lopsided growth and derail the organic techno-economic development path. As per edicts of scientific personnel management, the duties and responsibilities of persons responsible for technical progress may be noted:

Persons Responsible for Technical Progress2

A, TECHNICIAN

A technician works with tools and equipment, sweats and understands what is skilled labour and may be categorised as Intermediate Technical Know-how.

Knowledge of Skill Required

Ability to communicate orally and in writing, including the presentation of a clear and concise account of a situation, knowledge of draughting techniques to enable him to interpret and inter-relate engineering drawings and to produce reasonable drawings and sketches. An understanding of the capabilities of common manufacturing process and materials and an appreciation of supporting activities such as planning, production and control.

Highlights

1. A Technician can certainly (theoretically) go up the professional ladder by obtaining AMIE (Associate Membership of the Institution of Engineers) which conesponds to B.E. or B.Sc/B.S. Engineering degree. Normally, a technician does not go up very high in his professional career. The same predicament is true in Nigeria. A Technician takes the form of a born profession and the constraints imposed upon him render a technician remain a technician forever.

2. As an illustration, in the UK, a student after completion of GCE. ?' level in four subjects (including Mathematics) is eligible for admission to the OND course in a College of Technology, and for those aspiring to obtain higher education there are three options open for them :

(a) enter for a degree course in Engineering in a university; or

(b) enter for a course leading to Higher National Diploma in a College of Technology; or

(c) enter into industrial employment

To qualify as a Chartered Engineer registrable by the Council of Engineering Institutions (CEI), a HND holder requires one year further study, while a person falling in (c) category requires several years of combined employment and further study. …

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Financial Management Appraisal of U.S. Administration Non-Keynesian Approach to Tackle Recession: Overemphasis on Employment of High Skilled-Cum-Aged Labour (Forming Minority) at the Expense of Majority Unskilled Labour Does Not Augur Well for Economic Recovery
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