00:01
Worker protection without labor market distortion is really kind of a fun idea.
00:05
However, it's not really possible.
00:08
And this has been proven in a lot of recent research, actually, and largely what has been found is that by affecting this employment, or by implementing employment protection, it's going to have some level of impact, usually a fairly significant impact on how the labor market flows.
00:30
So these flows of the labor market are going to be disrupted pretty dramatically as soon as any implementation for worker protection takes place.
00:41
And although whatever employment protection legislation is enacted is going to protect these workers, it's protecting the workers largely from, we can call it erratic employer behavior.
00:53
That means employers can't just fire because they feel like it.
01:02
There usually has to be some sort of just cause for a worker to be fired or for them to lose their job.
01:08
So this worker protection is really great for the worker from these sort of erratic behaviors and actions of employers.
01:14
But these implementations in this legislation of employment protection also really influences labor market adaptability...