Flexicurity: A New Paradigm for the Analysis of Labor Markets and Policies Challenging the Trade‐Off Between Flexibility and Security

Abstract The aim of the article is to discuss the concept of flexicurity presented as a new paradigm for analyzing modern labor markets (analytical perspective) and as a metaphor for policies striving for a better balance between flexibility and security (normative perspective). The purpose is to clarify these analytical and normative meanings of the flexicurity concept from a theoretical and empirical perspective. Flexicurity has been a policy strategy since 2005/2006 endorsed by the European Commission and put on top of the political agenda for the European Employment Strategy and EU 2020, the 10‐year strategy of the EU. We briefly sketch the tenets of the flexicurity approach by discussing the main issues in the European academic and policy debate. We subsequently present empirical evidence based on the definition of dynamic outcome indicators for assessing the performance of 26 countries in the EU in balancing flexibility and security. The findings challenge the conventionally presumed trade‐off between flexibility and security.