Human Capital in the Knowledge Economy : A 3-Country Case Study in Healthcare

Abstract

During the present knowledge economy there appear to be labor shortages at the same time and in the same regions in which there is an excess of labor supply. Such a pattern would run counter to previous major economic disruptions, as well as questioning traditional free market economic theory of supply and demand principles. Implications for policy where there are global labor shortages along with surplus labor availability in a market economy, are significant. It will likely indicate a drag on economic growth for business sectors, for regions and perhaps globally. It would indicate an accompanying growing disparity of income. Work is important, if not central to human well-being. Changes to economic thinking, and to economic growth pertaining to work and the labor force, would change the way we look at the world. Labor market change would be a warning that political and social response is needed to address the imbalance of supply and demand. A labor supply gap is researched in healthcare occupations for India, Poland, and the U.S for a global perspective and to suggest policy implications.