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The Disctinction between Formal and Informal on the Labor Market

Author

Listed:
  • Cristian MARINESCU

    (Bucharest University of Economic Studies)

  • Gabriela RĂVDAN

    (State University of Moldova)

Abstract

Any economy, regardless of its level of development, is characterized by the formal-informal duality of the labor market, but informality is more pronounced in emerging economies. The measures applied in developing economies during the transition to a market economy have left behind immeasurable social costs and deep structural imbalances, especially in the labor market. Among the structural imbalances in emerging economies we can mention the dual nature of the economy, represented by the two sectors of the economy, namely formal and informal, lack of flexibility of labor and low wages, which can be considered a barrier for employment. In this paper we aim to make a characterization of the dual labor market and to present what are the main differences between the two types of labor markets: formal and informal. In this regard, we will consider the following aspects related to: regulation, revenues / incomes, duration of contracts, flexibility, quantification, segmentation and entering to the market.

Suggested Citation

  • Cristian MARINESCU & Gabriela RĂVDAN, 2021. "The Disctinction between Formal and Informal on the Labor Market," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 22(4), pages 590-599, October.
    • Handle: RePEc:rom:rmcimn:v:22:y:2021:i:4:p:590-599
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    References listed on IDEAS

    as
    1. Beccaría, Luis Alberto & Groisman, Fernando, 2015. "Informality and labour market segmentation: the case of Argentina," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
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    More about this item

    Keywords

    employment in the informal sector; dual economy; informal employment.;
    All these keywords.

    JEL classification:

    • E26 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Informal Economy; Underground Economy
    • J46 - Labor and Demographic Economics - - Particular Labor Markets - - - Informal Labor Market
    • J48 - Labor and Demographic Economics - - Particular Labor Markets - - - Particular Labor Markets; Public Policy
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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