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Economics as a social science is concerned with the various ways in which the society utilises its resources. It studies how society produces, distributes and consumes the services and goods. All the economic activities and their interplay come under the radar of economics. Labour economics is one of the subfields of economics that is concerned with the study of only the element of labour and its various aspects in the labour market. Labour force is an important element in the process of production and it includes employers, employees, unemployed and the self-employed persons too. Labour economics is concerned with the study of the behaviour of the labour market and its constituents in view of changes in the market, wages, profits, conditions of working, discriminatory behaviour, labour migration, recession etc.
Labour economics has to study many areas and its scope is fairly large. The following areas are the fields which fall under its scope:
The scope of the labour economics also extends to the study of the principles of the labour welfare, personnel management, and trade union management. It also includes the advanced economic theories in its own fields. The study of the labour economics not only takes the market forces in consideration but also takes into account the non-market forces such as the psychology of the labour, cultural factors, social structures, and the governmental actions. Employee efficiency is also dependent on their mental state and level of motivation which in turn are dependent on the above mentioned factors. When employees feel that there is fairness and adequate environment for their growth, they are motivated to work efficiently. The study of these market and non market factors cannot be seen as alternatives of each other but must be treated a s complementary in nature.
Labour economics has emerged as an important area of academic discipline in the last decades. Prior to that it was mainly a tool for labour welfare and studying their various characteristics. The major economic slowdown forced economists to look at labour economics from a different angle. Labour economics since then has been more concerned about reversing the slump experienced by the developed nations. The labour economists have since then recommended a modern and flexible working environment where workers are not relegated to a rigid structure but allowed to take part in multiple activities and a corresponding wage structure. As such, the field of labour economics is now a dynamic field acquiring significance in the academic sector. Major Universities and Colleges are offering specialised labour economics courses. Many institutes have also mushroomed which offer a study of labour economics. The University of Melbourne has a dedicated Melbourne Institute, which have research programs in the labour economics field and social policies. The focus of study here are the various issues plaguing the labour market and society focussing on income distribution and the aspect of social inclusion.
One of the popular career options after studying labour economics is to remain in the academic field and pursue further research. One can opt to be a teacher or professor in the many colleges and universities. Working in the capacity of a consultant is also a lucrative career option. Consultants can work for many companies, which work with trade union management or personnel management. One can also find jobs in the government sector, helping to shape up labour policies and legislations. One can also become a legislative analyst with a degree in labour economics [ECON30006].
Our economics assignment help experts are extensively trained on all topics related to labor economics. We write assignments that are thoroughly researched, well-formatted, well written and properly checked for any errors or improvements. Let us know when you need your assignment or homework on Labour Economics and we will deliver it to you exactly on that date.
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Here are some of the topics you will learn in labour economics.
Labour (or labor), in economics can be defined as the amount of effort required to produce a product or service. Labour provides the expertise, manpower & services required to convert raw materials into finished goods (finished goods can be a product or a service) in return for which labourers get paid - the payment is called wages. There are a number of terms associated with wages - living wages, minimum wages, cost of living etc. The labour force is nothing but all the people in the country who are employed plus those who are not employed. Labour can be classified into many types, like: unskilled, semi-skilled or wage-employees, contract labour and slave labour (slave labour is illegal).
There are four factors of production, namely: land (natural resources), labour, capital goods & entrepreneurship.
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