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Labour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers , usually in exchange for a wage paid by demanding firms.
In labour economics, Shapiro–Stiglitz theory of efficiency wages (or Shapiro–Stiglitz efficiency wage model) [1] is an economic theory of wages and unemployment in labour market equilibrium. It provides a technical description of why wages are unlikely to fall and how involuntary unemployment appears.
It anticipates a number of developments in distribution and growth theory and remains a standard work in labour economics. [ 1 ] Part I of the book takes as its starting point a reformulation of the marginal productivity theory of wages as determined by supply and demand in full competitive equilibrium of a free market economy.
David Edward Card (born 1956) is a Canadian-American [4] labour economist and the Class of 1950 Professor of Economics at the University of California, Berkeley, where he has been since 1997. He was awarded half of the 2021 Nobel Memorial Prize in Economic Sciences "for his empirical contributions to labour economics ", with Joshua Angrist and ...
From a Marxist perspective, a labour supply is a core requirement in a capitalist society.To avoid labour shortage and ensure a labour supply, a large portion of the population must not possess sources of self-provisioning, which would let them be independent—and they must instead, to survive, be compelled to sell their labour for a subsistence wage.
The labour supply curve shows how changes in real wage rates might affect the number of hours worked by employees.. In economics, a backward-bending supply curve of labour, or backward-bending labour supply curve, is a graphical device showing a situation in which as real (inflation-corrected) wages increase beyond a certain level, people will substitute time previously devoted for paid work ...
Wage Labour and Capital" (German: Lohnarbeit und Kapital) was an 1847 lecture by the critic of political economy and philosopher Karl Marx, first published as articles in the Neue Rheinische Zeitung in April 1849. [1] It is widely considered the precursor to Marx's influential treatise Das Kapital. [2]
In ecological economics, the labor theory of value has been criticized, where it is argued that labor is in fact energy over time. [75] Such arguments generally fail to recognize that Marx is inquiring into social relations among human beings, which cannot be reduced to the expenditure of energy, just as democracy cannot be reduced to the ...