"Labour economics seeks to understand the functioning and dynamics of the markets for wage labour."
The study of how workers and employers interact in the labor market.
The Labor Market: The study of supply and demand in the labor market, including the factors that influence employment and wages.
Labor Force Participation: The percentage of people who are employed or actively seeking employment relative to the total population.
Human Capital: The education, training, and skills that workers possess, and their impact on productivity and wages.
Migration: The movement of people from one place to another in search of better economic opportunities.
Labor Unions: Organizations that represent workers and negotiate with employers for better wages, benefits, and working conditions.
Income Inequality: The unequal distribution of income within a society or between different groups.
Discrimination: The unequal treatment of individuals based on their race, gender, age, and other characteristic.
Minimum Wage: The legal minimum wage set by governments to protect workers from exploitation and ensure they earn a living wage.
Labor Standards: The laws and regulations that govern the working conditions and rights of workers.
Unemployment Insurance: The system that provides financial assistance to workers who lose their jobs through no fault of their own.
Policies to Promote Employment: The various policies implemented by governments to encourage job creation and reduce unemployment.
Labor Mobility: The ease with which workers can move from one occupation, industry, or location to another.
Productivity: The output per worker or per hour worked, and the factors that influence it.
Labor Market Institutions: The various institutions that influence the operation of labor markets, such as collective bargaining, wage-setting mechanisms, and employment protection legislation.
Labor Market Segmentation: The division of the labor market into different segments based on factors such as skill level, industry, and occupation.
Technological Change: The impact of technological advancements on the labor market, including the displacement of workers by automation.
Globalization: The impact of international trade and investment on the labor market, including outsourcing and offshoring.
Education and Training: The role of education and training in preparing individuals for employment, and the impact of education and training on earnings and productivity.
Demographic Trends: The impact of demographic trends, such as population aging and immigration, on the labor market.
Behavioral Economics: The influence of psychological factors on labor market outcomes, such as job search behavior and labor supply decisions.
Human Capital Theory: This theory focuses on education, training, and experience as a form of investment in labor. The idea is that an individual's productivity and earning capacity increase with skill development over time.
Wage and Employment Determination: This branch of labor economics explores how wages and employment are determined in different labor markets, including supply and demand, institutional factors, and government policies.
Labor Market Discrimination: This category explores the various types of labor market discrimination, such as race, gender, and age, and how these factors can affect labor market outcomes.
Workforce Participation: This area examines the factors that affect an individual’s decision regarding whether or not to join the workforce. It includes analyses of the labor force participation rates, such as female labor force participation, male/female wage differences, and the effects of unemployment benefits.
Social Welfare Programs: This field looks at how government policies in the form of social welfare programs, such as unemployment benefits and workers' compensation, impact labor markets.
Labor Mobility: Labor mobility refers to a worker's ability to move freely from one job to another, either within a region or across the country. This area of labor economics focuses on how mobility of labor impacts labor markets like job matching, migration, and training.
Trade Unions: This branch is concerned with collective bargaining, labor movements, labor laws, and their influence on labor markets and the overall economy.
Labor Productivity: This area of labor economics is concerned with measuring productivity of different workers in various economic sectors and how it varies over time.
Entrepreneurship and self-employment: It encompasses the study of entrepreneurship and self-employment, including how these factors impact the economy and the labor market.
"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."