Labor market efficiency as one of the pillars of the global competitiveness of an economy – conclusions for the labor market regimes of the EU countries

Labor market activity may have an effect on global economy competitiveness. This issue has been described as “labor market efficiency” (LME), which is a constituent of The Global Competitiveness Index published by The World Economic Forum (WEF). The article’s purpose is to clarify the phenomenon of LME and explain the mechanisms which help the constituents affect economy competitiveness. The structure of LME points at the meaning of labor market regime, especially after considering the fact that European Union countries operate within vari ous models of regime. The analysis of the LME diversity may help determine what type of labor market regimes are most efficient in enhancing economy competitiveness.