Sunday, July 8, 2012

So are you looking for work?

Good morning economists and have a nice week. Today we will discuss the labor market and the importance of choosing the right education path.

A couple of weeks ago, we heard about the outrageous amount of time that people have to wait until they find work as teachers in the state schools and lyceums. Some people will have to wait 300 years until they find the employment they seek. Is this the outcome of a successful labor market. I do not think so...

The times where each lyceum or college graduate was guaranteed a job after graduation have come and gone. They were replaced with times of fierce competition and inflows of foreign labor. The demand for labor has decreased dramatically in the midst of the recession.

There is no short run magic formula for decreasing unemployment. Not in these economic conditions. The process will be a long and difficult. And it starts by choosing the right education path. The need for people to take their education seriously in order to succeed in their lives.

We invest in our education in order to enjoy the product of our labor in the future. The right education, will lead to the right job position, the right salary and thus the good life. Choosing the wrong education path will lead to unemployment and difficult times. The cost of education should not exceed in value the future benefits received after graduation.

It is now time for lyceum graduates to choose their education path. I say, choose wisely, because your decision is going to run with you for the rest of your lives. Choosing the right education path means studying the market today. It means looking at demand and supply for each type of work and choosing the career path which offers the highest probability of employment and thus income.

Have a nice day!


  1. A friend of mine was accepted to Harvard University for his master. I said to him this opportunity is for sure an investment and success because he will spend a lot of money these two years but after his graduation he will have a job for sure!!

  2. That is actually very true indeed. Investing in one's education is the key for the future.