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Labour economics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers, usually in exchange for a wage paid by demanding firms.[1][2] Because these labourers exist as parts of a social, institutional, or political system, labour economics must also account for social, cultural and political variables.[3]
Labour markets or job markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers) and the demanders of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income. These patterns exist because each individual in the market is presumed to make rational choices based on the information that they know regarding wage, desire to provide labour, and desire for leisure. Labour markets are normally geographically bounded, but the rise of the internet has brought about a 'planetary labour market' in some sectors.[4]
Labour is a measure of the work done by human beings. It is conventionally contrasted with other factors of production, such as land and capital. Some theories focus on human capital, or entrepreneurship, (which refers to the skills that workers possess and not necessarily the actual work that they produce). Labour is unique to study because it is a special type of good that cannot be separated from the owner (i.e. the work cannot be separated from the person who does it). A labour market is also different from other markets in that workers are the suppliers and firms are the demanders.[1]
^ abBorjas, George J. (14 January 2015). Labor economics (Seventh ed.). New York, NY. ISBN 978-0-07-802188-6. OCLC 889577338.{{cite book}}: CS1 maint: location missing publisher (link)
^"Definition of LABOR". www.merriam-webster.com. Retrieved 2022-03-01.
^Tarling, R. (1987). "Labour Markets". In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave: A Dictionary of Economics (1st ed.). London: Palgrave Macmillan. pp. 1–4. doi:10.1057/978-1-349-95121-5_1213-1. ISBN 978-1-349-95121-5.
^Graham, Mark; Anwar, Mohammad Amir (2019-04-01). "The global gig economy: Towards a planetary labour market?". First Monday. doi:10.5210/fm.v24i4.9913. ISSN 1396-0466. S2CID 108292032.
Laboureconomics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied...
Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses...
"Ministry of Economics and Technology" after it had previously been merged with other ministries to form the Federal Ministry for Economics and Labour between...
employer on behalf of its members, known as the rank and file, and negotiates labour contracts (collective bargaining agreements) with employers. Unions may...
to Marxist economics, the exploiters are the agents able to command goods, with revenue from their income, that are embodied with more labour than the exploiters...
depends on the demand for labour (from employers for production) and supply of labour (from potential workers). Laboureconomics examines the interaction...
Richard Blundell and Thomas MaCurdy, 2008. "Labour supply," The New Palgrave Dictionary of Economics, 2nd Edition Abstract. Ellen Meiksins Wood (2002)...
organized efficiently by the division of labour and the use of accumulated capital, which became one of classical economics' central concepts. In terms of economic...
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl...
land, labour and capital. Materials and energy are considered secondary factors in classical economics because they are obtained from land, labour, and...
According to Marxian economics, surplus labour is usually uncompensated (unpaid) labour. Marx explains the origin of surplus labour in the following terms:...
David Ricardo, and later in anarchist economics. Smith saw the price of a commodity as a reflection of how much labour it can "save" the purchaser. The LTV...
In economics, a backward-bending supply curve of labour, or backward-bending labour supply curve, is a graphical device showing a situation in which as...
Anker, Richard (September 2000). "The economics of child labour: A framework for measurement". International Labour Review. 139 (3): 257–280. doi:10.1111/j...
The National Institute of LabourEconomics Research and Development (NILERD) is an Indian autonomous institute under NITI Aayog and the Government of India...
exchange for labor) Employment Laboureconomics List of countries by average wage Performance-related pay Wage labour Wage share Real wages List of sovereign...
Professor of Economics at Yale University. His fields of interest include macroeconomics and applied econometrics and in particular laboureconomics, being...
(LTV) which spans classical economics, liberal economics, Marxian economics, neo-Marxian economics, and anarchist economics. As an economic theory of value...
between unemployment and household labour supply. After her graduation, Lundberg became an assistant professor of economics at the University of Pennsylvania...
In economics, the lump of labour fallacy is the misconception that there is a finite amount of work—a lump of labour—to be done within an economy which...
Human capital – Economics concept involving knowledge, skills, and training Laboureconomics – Study of the markets for wage labour List of countries...
Worker cooperatives, another key tool used for economics of participation, gained momentum as part of the labour movement. During the Industrial Revolution...
Journal of LabourEconomics. 39 (2). Angrist and Pischke (2008). Mostly Harmless Econometrics. Debashish Bhattacherjee (1999). Organized labour and economic...
of labour variances. Labour Rate Variance is the difference between the standard cost and the actual cost paid for the actual number of hours. Labour efficiency...
The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive...