School-to-Work Transition

Manpower planning is often referred to as a 'second best' solution to the problem of allocating workers across jobs. This is because

it is a less effective solution to the problem than other non-market based alternatives
the 'first best' solution is unemployment
it attempts to fix one market failure by introducing another, offsetting, market failure
the forecasting requirements of the manpower planning approach are unrealistically stringent

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