Employment outlooks: Why forecast the labour market and for whom?
This essay argues that experience from more than three decades of labour market forecasting shows that forecasting helps greasing the wheels of labour markets. Applied correctly - not in the sense of old fashioned manpower planning models - sufficiently disaggregated employment outlooks support individuals in making better informed decisions on human capital investments, guide policy makers, and alert firms of upcoming skill shortages. That forecasts are necessary at all follows mainly from nowadays widely acknowledged market failure arguments.
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