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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.
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.
Labour vouchers were first proposed in the 1820s by Josiah Warren and Robert Owen. Two early attempts at implementing labour vouchers (called labour notes at the time by their proponents) were made by both following their experiences attempting to establish a utopian community in New Harmony, Indiana in which currency was prohibited. [citation ...
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 ...
The insider-outsider theory is a theory of labor economics that explains how firm behavior, national welfare, and wage negotiations are affected by a group in a more privileged position. [1] The theory was developed by Assar Lindbeck and Dennis Snower in a series of publications beginning in 1984. [1] [2] [3] Wages set by insiders [4]
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 ...
Research in Labor Economics (RLE) is a biannual series that publishes peer-reviewed research applying economic theory and econometrics to analyze policy issues. Typical themes of each volume include labor supply, work effort, schooling, on-the-job training, earnings distribution, discrimination, migration, and the effects of government policies.
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.