Macro and Micro Analysis of Labour Markets
There are two sides to labour economics. Labour economics can generally be seen as the application of microeconomic or macroeconomic techniques to the labour market. Microeconomic techniques study the role of individuals and individual firms in the labour market. Macroeconomic techniques look at the interrelations between the labour market, the goods market, the money market, and the foreign trade market. It looks at how these interactions influence macro variables such as employment levels, participation rates, aggregate income and Gross Domestic Product.
Read more about this topic: Labor Economics
Famous quotes containing the words analysis, labour and/or markets:
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—Thomas Mann (1875–1955)
“Criticism is a study by which men grow important and formidable at very small expense. The power of invention has been conferred by nature upon few, and the labour of learning those sciences which may, by mere labour, be obtained, is too great to be willingly endured; but every man can exert some judgment as he has upon the works of others; and he whom nature has made weak, and idleness keeps ignorant, may yet support his vanity by the name of critic.”
—Samuel Johnson (1709–1784)
“When the great markets by the sea shut fast
All that calm Sunday that goes on and on:
When even lovers find their peace at last,
And Earth is but a star, that once had shone.”
—James Elroy Flecker (1884–1919)