"Labour economics seeks to understand the functioning and dynamics of the markets for wage labour."
This subfield focuses on the behavior of employers and employees in the labor market, as well as the factors that determine employment and wages.
Labor Demand: The relationship between the quantity of labor demanded by firms and the wage rate they are willing to pay.
Labor Supply: The relationship between the quantity of labor supplied by individuals and the wage rate they are willing to accept.
Equilibrium Wage: The wage rate at which the quantity of labor demanded equals the quantity of labor supplied.
Human Capital: The knowledge, skills, and abilities that workers possess that make them more productive in their jobs.
Labor Market Discrimination: Unequal treatment of individuals or groups based on their race, gender, or other characteristics that are not related to job performance, leading to reduced opportunities and wages.
Labor Mobility: The ability of workers to move between jobs or geographical locations, shaping labor demand and supply.
Labor Unions and Collective Bargaining: The role of unions in shaping labor market outcomes such as wages, working conditions, and job security, through collective bargaining with employers.
Immigration: The impact of immigration on labor supply, wages, and employment opportunities.
Unemployment: The causes and consequences of unemployment, including the cyclical, frictional, and structural forms of unemployment.
Minimum Wage: The impact of minimum wage laws on employment, worker productivity, and income distribution.
Labor Market Regulations: The effects of government policies such as labor standards and occupational licensing on labor market outcomes.
Labor Productivity: The measurement of the output per unit of labor input, including factors such as technology, capital, and organizational structure.
Income Inequality: The distribution of income across different individuals, households or social groups, and how labor market outcomes affect income inequality.
Gender Wage Gap: The differences in earnings between men and women, and the causes and implications of the gender wage gap.
Occupational Employment Statistics (OES): OES provides data on employment and wage rates for over 800 occupations.
Regional Economic Models: REMI is a methodology that measures the economic impact of various industries on a regional basis.
Labor Force Surveys: A labor force survey is a survey of households that provides information about the labor force status of individuals, including their employment status and other demographic characteristics.
Econometric Modeling: Econometric modeling is a statistical method used to estimate the relationships between variables in labor markets, such as the relationship between wages and education.
Industry and Sectoral Analysis: Industry and sectoral analysis involve the study of the labor markets within specific industries or sectors of the economy, such as healthcare or manufacturing.
Labor Market Discrimination: Labor market discrimination investigates the presence and impact of discrimination affecting certain groups of individuals in the labor market, such as racial or gender discrimination.
Human Capital Theory: Human capital theory seeks to explain the differences in earnings and career outcomes based on differences in human capital, such as education and work experience.
Labor Market Transitions: Labor market transitions involve the analysis of the movement of workers between different jobs, occupations, and industries.
Compensation Studies: Compensation studies analyze the salaries and benefits offered to workers in various occupations and industries.
Unemployment Analysis: Unemployment analysis investigates the causes and effects of unemployment in labor markets, such as cyclical, seasonal, or structural unemployment.
"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."