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
Other articles related to "labour economics, economic, labour":
... Many sociologists, political economists, and Austrian School economists claim that labour economics tends to lose sight of the complexity of individual employment decisions ... rate regardless of the marginal utility from increased consumption or specific economic goals ... Also missing from most labour market analyses is the role of unpaid labour ...
Famous quotes containing the words economics and/or labour:
“There is no such thing as a free lunch.”
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cookes America (epilogue, 1973)
“We have much studied and much perfected, of late, the great civilized invention of the division of labour; only we give it a false name. It is not, truly speaking, the labour that is divided; but the men.”
—John Ruskin (18191900)