Economist Mike Walden: Quantity vs. Quality

Quantity and quality are two characteristics most of us consider when evaluating a purchase.  For example, in looking at homes or apartments, we take account of square footage but also the amenities – like storage, age of appliances, and views – in the structure.  But does this evaluation of quantity and quality extend to other areas, such as the job market?

  1. Certainly does, and beginning to hear the discussion shift
  2. During initial years past the Great Recession, focus was on jobs – getting jobs back
  3. Now with unemployment rate around 4%, surplus of labor is tight
  4. So seeing more focus on quality, both for workers and employers
  5. Workers now looking more at pay, benefits, working conditions
  6. In response, companies are offering higher pay, more flexibility, and even attractions like paying down on worker’s college loans; will continue

The Economic Perspective is an NC State Extension program from the Department of Agricultural and Resource Economics