How Core Labor Standard and Informal Sector Employment Effect the Economic Growth?
At present time, the phenomenon of core labor standards and informal sector employment entice attention in the economic growth paradigm. This study elaborates the influence of core labor standards on the economic growth of Pakistan in the presence of informal sector employment. For this purpose, the human capital augmented solow growth model proposed by (Mankiw et al. 1992) is extended by adding core labor standards and informal employment. The aggregate time series data set is used for the time span (1999-2017). To resolve the endogeneity problem, the non- linear two stage least square instrumental variable (NLTSLS-IV) approach is applied to estimate the growth model. The estimated outcome elaborates the positive relation of core labor standards with the economic growth. The relation between the growth rate of both formal and informal employment is positive with economic growth. The conclusion is that the enforcement of core labor standards increase the economic productivity through protecting workers rights and will ultimately enhances the economic growth. The policy maker should consider the phenomenon of labor standards enforcement in the growth policies of the economy.
Copyright (c) 2023 Afshan Muneer, Hafsa Hina
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