"Labour economics seeks to understand the functioning and dynamics of the markets for wage labour."
The study of the labor market and the factors that impact employment and wages.
Labor Supply: Study of the decision-making process of individuals in terms of work or leisure time to maximize utility.
Labor Demand: Study of the decision-making process of firms in terms of the quantity and quality of labor needed to produce goods and services for a profit.
Wage Determination: Study of how wages are set in the labor market and factors that influence them, such as labor supply and demand, education, and productivity.
Human Capital: Study of the skills, knowledge, and experience that workers possess and how it affects their productivity and earnings.
Discrimination in the Labor Market: Study of various forms of discrimination, such as gender, race, and age, and how they affect individuals in terms of access to employment and wages.
Labor Market Institutions: Study of the various institutional structures in the labor market, such as unions, minimum wage laws, and unemployment insurance, and how they affect employment and wages.
Migration and Immigration: Study of the movement of individuals or workers across geographical boundaries and how it affects the labor market of both the host and source countries.
Labor Productivity: Study of how efficient workers are in terms of output per unit of labor, and factors that affect it, such as technology, education, and training.
Unemployment: Study of the phenomenon of individuals who are willing and able to work but cannot find a job, the different types and causes of unemployment, and policies aimed at reducing it.
Labor Market Dynamics: Study of how the labor market changes over time, such as job creation and destruction, worker mobility, and supply and demand shocks.
Labor Market Analysis: This subfield focuses on the behavior of employers and employees in the labor market, as well as the factors that determine employment and wages.
Human Capital: This subfield considers the impact of education, skills, training, and experience on labor productivity and wages.
Discrimination: This subfield investigates the effect of discrimination on employment, wages, and opportunities.
Mobility and Migration: This subfield examines the determinants and consequences of labor mobility, migration patterns, and their impact on labor markets.
Labor Flows and Turnover: This subfield investigates the patterns and factors influencing job turnover, job search, and labor mobility.
Worker Incentives and Motivation: This subfield analyzes how to motivate and incentivize workers through performance rewards, promotions, and other mechanisms.
Labor Contracts and Bargaining: This subfield examines how workers and employers negotiate employment contracts, wage agreements, and collective bargaining agreements.
Unemployment and Underemployment: This subfield explores the causes and consequences of joblessness and underemployment, and policy solutions to address these issues.
Occupational and Industry Analysis: This subfield focuses on labor market dynamics at the occupational and industry level, including employment trends and wage disparities.
Labor and Demographic Trends: This subfield examines the changes in labor supply and demand due to demographic trends such as aging populations or changes in family structure.
Labor Policy and Regulation: This subfield analyzes labor market policies and regulations, such as minimum wage laws, unemployment insurance, health and safety regulations, and labor laws.
Gender and Labor: This subfield examines the role of gender in the labor market, including gender wage gaps, occupational segregation, and labor force participation rates.
Comparative Labor Economics: This subfield compares labor market outcomes across countries, regions, and industries to identify best practices and potential policy initiatives.
Economic History of Labor Markets: This subfield considers the evolution of labor markets and policy interventions over time, including historical struggles for workers' rights and the emergence of unions.
"Labour economics looks at the suppliers of labour services (workers) and the demanders of labour services (employers)."
"Labour economics must also account for social, cultural and political variables."
"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."
"The rise of the internet has brought about a 'planetary labour market' in some sectors."
"Labour 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."
"Labour 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."
"Labour is a commodity that is supplied by labourers, usually in exchange for a wage paid by demanding firms."
"Labour markets are normally geographically bounded."
"Labour economics must also account for social, cultural, and political variables."
"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 economics seeks to understand the resulting pattern of wages, employment, and income."
"Some theories focus on human capital or entrepreneurship, (which refers to the skills that workers possess)."
"Labour is unique to study because it is a special type of good that cannot be separated from the owner."
"The rise of the internet has brought about a 'planetary labour market' in some sectors."
"Labour is supplied by labourers, usually in exchange for a wage paid by demanding firms."
"Labour economics looks at the suppliers of labour services (workers) and the demanders of labour services (employers)."
"Labour markets function through the interaction of workers and employers."