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:
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—Anonymous 9th century, Irish. “Epigram,” no. 121, A Celtic Miscellany (1951, revised 1971)
“When the great markets by the sea shut fast
All that calm Sunday that goes on and on:
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And Earth is but a star, that once had shone.”
—James Elroy Flecker (1884–1919)