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.
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Famous quotes containing the words analysis, labour and/or markets:
“A commodity appears at first sight an extremely obvious, trivial thing. But its analysis brings out that it is a very strange thing, abounding in metaphysical subtleties and theological niceties.”
—Karl Marx (1818–1883)
“Are we aware of our obligations to a mob? It is the mob that labour in your fields and serve in your houses—that man your navy, and recruit your army—that have enabled you to defy the world, and can also defy you when neglect and calamity have driven them to despair. You may call the people a mob; but do not forget that a mob too often speaks the sentiments of the people.”
—George Gordon Noel Byron (1788–1824)
“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)