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Why are market-based policies not always the best way to solve the issue of unemployment?

The market based policies aimed at reducing the unemployment include reducing the unemployment benefits, which should motivate the unemployed to take up the already existent vacancies, or removing legislations businesses must follow while employing workers, helping companies employ people more freely and increasing the general “labour market flexibility”. While effective to some extent it is important to consider the trade-offs that come about. Cutting down on the benefits will cause a decrease in living standards for the job seekers. In a case of person’s inability to find a satisfactory position this may lead to negative effects on their mental health. The aim of the labour market regulations is to protect workers against unfair treatment and guarantee certain conditions like working time, holidays or safety at work. Due to deregulation there could be a fall in unemployment and rise in the output but also an increase in cost for the workers themselves, e.g. lower wages or no insurance. It is, therefore, important to consider alternative policies, such as supply-side policies, which focus more on improving the quality of the labour.

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