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Labor shortage: Crisis or opportunity?

Author

Listed:
  • Denisova, I.

    (New Economic School (NES), Moscow, Russia
    Lomonosov Moscow State University, Moscow, Russia)

  • Kartseva, M.

    (Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia)

Abstract

The paper discusses the labor shortage and wage costs increase reported by the Russian enterprises. Is a personnel shortage and wage growth always a negative sign for the economy? The ongoing rise in the cost of labor can become a window of opportunity, pushing enterprises to improve technology and increase total factor productivity. The empirical analysis based on the late microdata from a survey of Russian enterprises shows that a signifi cant portion of enterprises are expanding under the current increase in the relative price of labor, which prompts for the existence of a window of opportunity.

Suggested Citation

  • Denisova, I. & Kartseva, M., 2024. "Labor shortage: Crisis or opportunity?," Journal of the New Economic Association, New Economic Association, vol. 65(4), pages 259-266.
    • Handle: RePEc:nea:journl:y:2024:i:65:p:259-266
    DOI: 10.31737/22212264_2024_4_259-266
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    References listed on IDEAS

    as
    1. R. I. Kapeliushnikov, 2024. "Expansion of vacant jobs in the Russian labor market: Dynamics, composition, triggers," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 7.
    2. V. Gimpelson, 2004. "Shortage of Skills in the Labor Market: Limited Supply, Lack of Demand, or False Signals from Employers?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 3.
    3. Bessonova, E. & Tsvetkova, A., 2020. "Productivity growth and inefficient firms' exit from the market," Journal of the New Economic Association, New Economic Association, vol. 48(4), pages 185-196.
    4. R. I. Kapeliushnikov, 2021. "Returns to education in Russia: Nowhere below?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 8.
    5. Harberger, Arnold C, 1998. "A Vision of the Growth Process," American Economic Review, American Economic Association, vol. 88(1), pages 1-32, March.
    6. Commander, Simon & Denisova, Irina, 2012. "Are Skills a Constraint on Firms? New Evidence from Russia," IZA Discussion Papers 7041, Institute of Labor Economics (IZA).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    labor market; vacancies; labor shortage; Russia;
    All these keywords.

    JEL classification:

    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling

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