Study of how wages are set in the labor market and factors that influence them, such as labor supply and demand, education, and productivity.
Marginal productivity theory: This theory states that wages are determined by the marginal product of labor.
Labor demand: This involves the factors that determine how much labor firms demand, such as physical capital, technology, and product demand.
Labor supply: This includes factors that affect how much labor individuals are willing to supply, such as their preferences, skills, and education.
Labor market equilibrium: This is the point at which the labor supply and demand curves intersect, leading to a wage rate and level of employment.
Human capital theory: This theory explores how education and skill acquisition contribute to wages.
Compensating wage differentials: This refers to wage differences across occupations that may be due to differences in working conditions, risk, or other factors.
Glass ceiling effect: This refers to the barriers faced by women and minorities in promotions and high-paying positions.
Minimum wage laws: These laws set a legal minimum for wages, affecting workers at the low end of the wage distribution.
Collective bargaining: This involves negotiations between labor unions and employers to determine wages and other working conditions.
International labor standards: These are laws and standards that deal with labor issues globally, including child labor, forced labor, and work conditions.
Gender wage gap: This refers to the difference in wages between men and women, which has been linked to factors such as discrimination, occupational segregation, and work interruptions.
Racial wage gap: This refers to the difference in wages between different racial groups, which can be affected by discrimination, education, and geographic location.
Unemployment: This topic covers the causes and effects of unemployment, including the role of wages in job creation and labor market dynamics.
Labor market discrimination: This encompasses various forms of discrimination, such as racial or gender-based bias, that can affect wages and employment opportunities.
Globalization and wage inequality: This explores how globalization has affected wage inequality, including the impact of international trade and outsourcing.
Labor mobility: This refers to the ability of workers to move across jobs and industries, which can impact the wage structure and overall labor market dynamics.
Market Determination: This refers to the wages that are determined by the supply and demand in the labor market. If there is a high demand for a particular skill or occupation, the wage for that job will increase.
Collective Bargaining: This refers to the process where labor unions negotiate with employers to determine wages and working conditions for workers. This usually occurs in unionized settings.
Governmental Determination: This refers to the process by which the government sets minimum wage laws and other employment regulations that affect wages.
Productivity-Based Wages: This refers to wages that are based on a worker's level of productivity, output, or efficiency. The more productive a worker is, the higher their wage will be.
Skill-Based Wages: This refers to wages that are based on a worker's level of skill, education, or training. Workers with more skills or higher education typically receive higher wages.
Incentive-Based Wages: This refers to wages that are based on the achievement of specific goals or targets. Workers who meet or exceed these goals receive higher wages.
Time-Based Wages: This refers to wages that are based on the amount of time a worker spends on the job, regardless of their productivity or efficiency.
Cost-of-Living-Based Wages: This refers to wages that are adjusted to reflect changes in the cost of living in a particular area.
Historical Determination: This refers to the tendency for wage levels to be influenced by historical factors such as past negotiations, industry norms, or the legacy of discriminatory practices.
Performance-Based Wages: This refers to wages that are linked to an individual's performance, which includes skills, knowledge, and competencies, making their salary vary based on their job performance.