Labor Economics
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 Labor 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 labor and/or economics:
“We belong to the community. It is not the tailor alone who is the ninth part of a man; it is as much the preacher, and the merchant, and the farmer. Where is this division of labor to end? and what object does it finally serve? No doubt another may also think for me; but it is not therefore desirable that he should do so to the exclusion of my thinking for myself.”
—Henry David Thoreau (1817–1862)
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)