Labor Economics
Labour economics seeks to understand the functioning and dynamics of the markets for labour. Labour markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers), the demands of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income.
In economics, labour is a measure of the work done by human beings. It is conventionally contrasted with such other factors of production as land and capital. There are theories which have developed a concept called human capital (referring to the skills that workers possess, not necessarily their actual work), although there are also counter posing macro-economic system theories that think human capital is a contradiction in terms.
Read more about Labor Economics: Compensation and Measurement, Demand For Labour and Wage Determination, Macro and Micro Analysis of Labour Markets, The Macroeconomics of Labour Markets, Neoclassical Microeconomics of Labour Markets, Personnel Economics: Hiring and Incentives, Information Approaches, Search Models, Criticisms
Famous quotes containing the words labor and/or economics:
“A higher class, in the estimation and love of this city- building, market-going race of mankind, are the poets, who, from the intellectual kingdom, feed the thought and imagination with ideas and pictures which raise men out of the world of corn and money, and console them for the short-comings of the day, and the meanness of labor and traffic.”
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