Search results
Results from the WOW.Com Content Network
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.
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 ...
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.
Empirical research in economics and managements have shown that tournament-like incentive structure increases the individual performance or workers and managers in the workplace. [8] The distribution of effort for one tournament experiment found that almost 80% of participants exert higher than anticipated levels of efforts, thus suggesting ...
The marginal revenue product of a worker is equal to the product of the marginal product of labour (the increment to output from an increment to labor used) and the marginal revenue (the increment to sales revenue from an increment to output): =. The theory states that workers will be hired up to the point when the marginal revenue product is ...
The firm also takes the wage as given and decides how much labor to buy. Then wage is determined in the market to ensure total labor supply equals total labor demand. If workers supply more labor than firms demand, then the wage level should fall so that workers will work fewer hours and firms would demand more labor.
Labour economics is included in the JEL classification codes as JEL: J. Subcategories. This category has the following 7 subcategories, out of 7 total. *
The dual labour market (also referred to as the segmented labour market) theory aims at introducing a broader range of factors into economic research, such as institutional aspects, race and gender. [ 1 ] [ citation needed ] It divides the economy into two parts, called the "primary" and "secondary" sectors.