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
Famous quotes containing the words labour and/or economics:
“Let no one till his death
Be called unhappy. Measure not the work
Until the day’s out and the labour done.”
—Elizabeth Barrett Browning (1806–1861)
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