Time tested economic theory tells us that in a free, unfettered market not constrained by onerous barriers to entry, the long term price of a commodity will approach its marginal cost of production.
"Many young people now experience long-term unemployment right from the start of their labor market entry, " said Guy Ryder, ILO Director-General, during a presentation of the report's findings.
But there is also a longer-term explanation, based on the weakened power of labour after the entryof countries like China into the global employment market.