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In academia, labor relations is frequently a sub-area within industrial relations, though scholars from many disciplines including economics, sociology, history, law, and political science also study labor unions and labor movements. In practice, labor relations is frequently a subarea within human resource management. Courses in labor ...
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 academia, labor relations is frequently a sub-area within industrial relations, though scholars from many disciplines including economics, sociology, history, law, and political science also study labor unions and labor movements. In practice, labor relations is frequently a subarea within human resource management. Courses in labor ...
In 2018, 83% of all private-sector employees were covered by collective agreements, 100% of public sector employees and in all 90% (referring to the whole labor market). [14] This reflects the dominance of self-regulation (regulation by the labour market parties themselves) over state regulation in Swedish industrial relations. [15]
That is, the concept abstracts from the particular characteristics of all of the labor and is akin to average labor. "Socially necessary" labor refers to the quantity required to produce a commodity "in a given state of society, under certain social average conditions or production, with a given social average intensity, and average skill of ...
Wage labour (also wage labor in American English), usually referred to as paid work, paid employment, or paid labour, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labour power under a formal or informal employment contract. [1]
Between economic products themselves (with or without trading prices; these are technical, economic or commercial relations, or, in general, value proportions). The attribution of value to labor-products, and therefore the economising of their use, occurs within these three types of relationships interacting with each other.
The concept of labour power as a commodity was first explicitly stated by Friedrich Engels in The Principles of Communism (1847): "Labor [power] is a commodity, like any other, and its price is therefore determined by exactly the same laws that apply to other commodities.