Make jobs the priority in 2018
The lack of good jobs has already fuelled disaffection and social unrest among a section of young people
It’s a trend that has happened in every developing economy. As the economy develops, the number of persons employed in agriculture drops, with people migrating to the towns to take up better jobs. Productivity improves, wages go up and the economy prospers. That’s the optimistic take on the trend. There’s also another side to it, when farm plots become smaller and unviable as they’re subdivided among a growing population. Industry is unable to absorb the surplus and destitute people crowd city slums searching for work. The “Lewisian Transformation", the trend of underemployed labour moving out of agriculture into more productive jobs, named after economist Arthur Lewis, has in many Third World countries become the “Lewisian Trap", with most workers stuck in precarious low-wage jobs. India is no exception.
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