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 Labour 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 labour and/or economics:
“You must labour to acquire that great and uncommon talent of hating with good breeding, and loving with prudence; to make no quarrel irreconcilable by silly and unnecessary indications of anger; and no friendship dangerous, in care it breaks, by a wanton, indiscreet, and unreserved confidence.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (16941773)
“Religion and art spring from the same root and are close kin. Economics and art are strangers.”
—Willa Cather (18761947)