Akademik Məlumat İdarəetmə Sistemi
POLISH JOURNAL OF MANAGEMENT STUDIES, vol.29, no.2, pp.24-42, 2024 (ESCI)
The study intends to analyse the realities of labour market regulation in the transition economies of Eastern Europe, the Caucasus, and Central Asia using Keynesian theory and the monetary approach. The research methods included the identification of key indicators of economic activity within the context of macroeconomic development features and comparative analysis of statistical data on economic performance and labour market development based on international databases for countries in the region. Keynesian theory and the monetary approach were incorporated into the study design to discover and reevaluate labour vulnerabilities concerning objective economic impact possibilities. The novelty of the study lies in the determination of a model of government intervention that is more adequate for the development of the labour market and human capital based on the policy experience of the countries of the EECCA region as transition economies. The result of these studies is an assessment of the economic results and state of the labour market of the countries of the region. This assessment is based on international statistical data. It suggests that the optimal model is a policy distant from the extremes of high or minimal government intervention. Additionally, the use of a high degree of financial openness of the economy in the short term is recommended as an incentive for investment and market development, labour, and its integration into the global division of labour. This would offer a thorough examination of the overall economic interactions in the employment sector in light of the country's national features.