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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.
George Borjas was the first to formalize the model of Roy in a mathematical sense and apply it to self-selection in immigration. Specifically, assume source country 0 and destination country 1, with log earnings in a country i given by w i = a i + e i , where e i ~N(0, s i 2 {\displaystyle s_{i}^{2}} ) .
George Jesus Borjas (/ ˈ b ɔːr h ɑː s / [1] born Jorge Jesús Borjas, October 15, 1950) [2] is a Cuban-American economist and the Robert W. Scrivner Professor of Economics and Social Policy at the Harvard Kennedy School. [3] He has been described as "America’s leading immigration economist" [4] and "the leading sceptic of immigration ...
Various solutions to eliminate the racial wage gap have been proposed. Research has identified different wage gaps and sources of wage gaps for different minorities, suggesting that public policies will affect different minorities in different ways and that effective strategies must take into account the unique circumstances of each race group ...
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External numerical flexibility is the adjustment of the labour intake, or the number of workers from the external market. This can be achieved by employing workers on temporary work or fixed-term contracts or through relaxed hiring and firing regulations or in other words relaxation of employment protection legislation, where employers can hire and fire permanent employees according to the ...
In labor economics, an efficiency wage is a wage paid in excess of the market-clearing wage to increase the labor productivity of workers. [1] Specifically, it points to the incentive for managers to pay their employees more than the market-clearing wage to increase their productivity or to reduce the costs associated with employee turnover.
IZA World of Labor launched on 1 May 2014 at the Press Club in Washington D.C. to coincide with International Workers' Day. [2] It is a freely-available online resource presenting analyses of labor economics issues to inform evidence-based policy, [3] from the effect of minimum wages on employment prospects to whether demographic bulges affect youth unemployment.