...RELATIONSHIP BETWEEN DIVISIONS OF ECONOMICS AND LABOR ECONOMICS Insert name Insert institution Insert course Insert date Abstract Labor economics comprises the study of the factors affecting workers. Since all divisions of economics involve workers, it is prudent to evaluate their influence on labor economics and labor market for that matter. Consumption directly affects the supply of labor. If the workers experience an increase in their desire for consumption in relation to leisure, the labor supply curve will shift outwards. The workers will supply more labor at every given wage. The effect of public finance on labor economics may be through government taxation on the workers. If income taxes increase, workers will likely substitute leisure for consumption and supply less labor. Any effects on the supply and demand for labor will ultimately affect the labor market thus are essential in labor economics. Distribution of income may also affect the labor market especially if the distribution is unequal. Inequality in the distribution of income will affect workers and thus affect labor supply. Production of goods and services on the other hand determine the supply and demand for labor. Such effects directly influence the labor market. Table of Contents Abstract 2 Table of Contents 3 Introduction 4 Effect of consumption on the labor market 4 Effect of income distribution on the labor market 5 Effect of exchange on the labor market 6 Effect of production...
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...as to all essential characteristics, for example, promotion prospects, location of plants, working hours, and especially the wages. The only difference between the two job offers is that there are irritations of noise and an increased risk of work accidents in firm A while not in firm B. Which job do you choose? Definitely the job in firm B! The only thing firm A could do, is to compensate you for worse working conditions by paying an extra bonus. Compensating wage differentials are where people are paid more for dirty, dangerous or difficult work. This perspective on the functioning of labour markets originates from the writings of Adam Smith. The theory of compensating wage differentials stated that workers receive wage premium related to harms and hazards at their workplace. Utilities of workers are therefore equalised between industries and occupations by means of competition in the labour market. In particular, the theory implies that the marginal worker receives a compensated wage just enough to accept the work conditions, whereas those who are not risk averse or do not mind adverse conditions are paid more than is necessary to have them work in jobs that are risky or have bad working conditions. In an ideal market situation where each worker is well informed and everybody shares the same information. The worker is confronted with a schedule of wages and risk in different occupation. The worker has a utility function depending on wages, occupational health and safety (OSH)...
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...But labour is equally fixed like land bcos its supply can only in d extreme be limited to 24hrs of daily service! Labour is similar to the odas in the sense that factor values(wage for labour rent for land interest on capital and profit) Are largely determined by the forces of demand and supply. This suggest that there is a market(labour market) where d forces of demand and supply (visible and non visible) interreact to determine invalue that is pais to labour The concept and study of LM Human bein is a multi product person with potential talent from d standpoint of labour analyst. With inherited capacity and d appreciation of knowledge, dexterity, creativity, and so on thru training both in mind and outside school. D individual has d potential 2 perform variety of scales tho with varying degrees of proficiency @ d point of entering d labour market. Dis individual makes himself available to an employer and d 2 parties engage in an exchange relationship or contract of employment as previously described If d outcome, both partes r initially happy with d exchange of hours(Labour services) for d wage offered by d employer. Conflict is however. Bound to occur as mutual dissatisfaction naturally occur both on d demand and supply size of d labour market in the cases of continued interaction. D labour market exist therefore if dy r pple hu work or available to work for a wage. It may be geographic location where labour is bot and sold as in an employment exchange or job center. But...
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...1. INTRODUCTION A. Qu’est ce que l’économie du travail B. Quelles sont les caractéristiques de la relation salariale C. L’émergence de l’économie du travail 2. APERÇU EMPIRIQUE DU MARCHÉ DU TRAVAIL 2.1. 2.2. 2.3. Questions introductives À quoi s’intéressent les économistes du travail ? Pourquoi étudier l’économie du travail ? Quel est le rôle des économistes du travail ? Pourquoi les économistes du travail ne sont ils pas toujours d’accord ? Comment définit on le marché du travail ? Particularité du marché du travail Un peu de terminologie Quelques éléments empiriques Tertiarisation de l’économie Féminisation de l’emploi Diversification des formes d’emploi et la flexibilité du marché du travail L’internationalisation de l’économie et le progrès technologique La diversité des expériences en matière de chômage 3. APERÇU THÉORIQUE DU MARCHÉ DU TRAVAIL 3.1. 3.2. 3.3. La Demande de travail Variation des salaires Variation de la demande pour le produit Variation du prix du capital L’offre de travail L’offre de travail du marché L’offre de travail de la firme La détermination du salaire L’équilibre concurrentiel Bouleversement de l’équilibre Imperfection du marché du travail 1 4. LA DEMANDE DE TRAVAIL 4.1. Théorie statique de la demande de travail 4.1.1. Les fonctions de production a.) Les isoquantes b.) Les formes des isoquantes c.) Propriétés des isoquantes d.) Taux Marginal de Substitution Technique (T.S.T) e.) Propriétés...
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...University’s name T.S Papola., 1967. Geographical wage differentials in an industry: The case of cotton textiles in India.Indian Journal of Industrial Relations. Vol. 3, No. 1, p.p 3-18. T. S Papola in his research attempted to explain the wage differentials among textile workers in three towns namely Ahmedabad, Bombay and Kanpur. Economic variables namely observed the author used labour market, real wage levels, productivity, industry's characteristics, profitability as well as cost of living. Despite its shortcomings in terms of coverage and methodology, the author managed to come up with the findings by utilizing descriptive statistics. The conclusion made was that, the real wage levels was the significant determining factor of differentials. Hence, according to him, the wage differentials are bound to widen on the account that the each region's living standards likewise widens. However, he went further to explain that this factor may not solely explain in depth the existing wage differentials. Hence the need to bring in unquantifiable and non-economic variables such as stability, political alliances, trade union’s tactics at various centres, policies of labour in different states, as well as attitudes of mill owners. Moreover, wage differentials may not be explained by unquantifiable and noneconomic factors but variables such as accidents, custom and convention. In addition, T.S Papola states that, if the research’s findings are accurate and valid, then it is with no doubt that...
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...Uni Name | Youth Labour Segmented Market Theories | Essay | | Client Name | @XXXXXXXX | | Contents Introduction 2 Segmentation of the Labour Market 3 Theories about Segmented Labour Markets 3 The Dual Labour Market Theory 6 Summary 9 References 10 Introduction The behaviour and life experiences of young people have vastly evolved throughout the past few decades. These changes impact on their relationships between family and friends, their experience of the job market, as well as the educational system and of course, their ability to establish themselves as an individual. According to Furlong and Cartmel (1997), many of these changes are due to the structural changes in the job/labour market. Further, the social organisation of taking different career paths in life has been replaced with more discrete variation (Haaland, 1991). Making that shift from school life to working life tend to be less determined, more flexible, and above all daunting (Ellingsæter, 1995). Beck (1997) and Giddens (1991) claim that the terms “individualisation” and “risk” are often associated with younger people’s behaviour and conditions within a labour society. Individualisation denotes the traditional social groups or segments that are of importance like gender, ethnicity and class are branded as being fragmented and somewhat less important (Pollock, 1997). Though, Furlong and Cartmel (1997) argue that these social structures are of importance and that...
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...As a Human Resources Manager, the level of supply and demand in the labour market affects the recruitment and retention of employees. Before I analyse the impacts of supply and demand in the labour market, I will first define what the labour market is in the context of HRM. According to Wilton 2013, labour markets are “the mechanism by which human labour is bought and sold and how the number and type of available jobs, the labour demand, is matched with the number and type of available workers, the labour supply.” In other words, employers are the buyers of labour with the employees being the seller. Labour markets can be segmented in many different ways, such as geographic location, occupation, or industry but for the purposes of this case study the labour market will be organised along the lines of occupation as I am trying to recruit staff for two different occupations. The supply and demand for these labour markets differ, as there is a greater supply of catering employees than registered midwives. According to the Department of Employment 2014, there is a shortage of midwives both in Sydney and regional NSW, particularly with experienced midwives as 40 percent of employers unable to find suitable applicants. As of 2014, there has been a 20.1 percent decrease in registered midwives since 2011 (Australian Institute of Health and Welfare 2015) due to the introduction of the new regency of practice standards that require midwives to actively be working in midwifery to maintain...
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...Canada. Other discount retailers such as Canadian-owned Zellers, have been hurt by Wal-Mart’s formidable rise. Wal-Mart employs a low cost provider strategy, as evidenced by their slogan “We sell for less, every day”. They sell goods at low prices, but often of poor quality. Prices are kept low by developing special relationships with suppliers, employing many part-time workers, resisting attempts by their workforce to unionize and controlling labour costs, which includes “discouragement” of working overtime. Wal-Mart founder Sam Walton once said in an interview, “I pay low wages. I can take advantage of that. Were going to be successful, but the basis is a very low wage, low benefit model of employment.” A number of Wal-Mart’s business tactics have been under fire by special interest groups and labour unions. In 2005, a store in Jonquiere, Quebec, was closed after workers came close to establishing a union. It would have been the chain’s first. While a spokesperson for Wal-Mart Canada cited profitability concerns, labour leaders decried the store closing as an example of Wal-Mart’s fierce opposition to unions. Wal-Mart has an extremely high employee turnover rate. Approximately 70% of its part-time workforce leave within the first year. In Canada, the wages of Wal-Mart employees with five or more years of experience are, on average, $1 to $2 dollars less per hour...
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...decreased in the 80s to about 33%-34%. Compared to other European countries in the 1970s Spain had the lowest participation by women, which was at 18% of all women in Spain. This is to be compared to Italy, which was at about 26% and in northern Europe, which was about 30% to 40 %. However with benefits, incentives, government policies, and legislation this value was raised to about 30% to 40% of the population of women working in the labour force. In the late 1980s Spain's economy was growing. This was mainly due to the rise in the employment, improved equipments, rise in industrial production and mainly government policies. However the figures might be false to a certain extent because it was believed that the underground economy had also contributed to the booming economy (http://www.workmall.com). SPANISH LABOUR MARKET The Spanish labour market is affected by tradition and culture, so there are two principal reasons that could represent the labor market in Spain. Firstly, there is a very high rate of unemployment besides the economic growth. Secondly, an individual tends to be unemployed for long time. Looking at the period from 1987 to 1991, there is 57.4%, unemployment in Spain. So in twentieth century, it was around 52.7% probably because the labor market was rigid. After the government allowed the extensive use...
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...Graduate Employability and Student Attitudes and Orientations to the Labour Market Michael Tomlinson This article examines the way students, making the transition from higher education into the labour market, construct, understand and begin to manage their employability. It draws upon a qualitative study of 53 final year undergraduates in a pre-1992 university in the UK. It firstly explores students’ perceptions of the current labour market for graduates and how they understand future career progression. It examines their different orientations and attitudes to work and careers through the development of an ideal-type model. It then considers how these orientations influence the way students approach future work and careers and manage their employability, and further discusses some of the implications this has for current policies around higher education and the labour market in the UK context. Introduction This paper examines the perceptions, attitudes and orientations of higher education students to their future work, careers and employability. The employability of university graduates has dominated much educational and economic policy over the past decade (NCIHE, 1997; DfEE, 2000). Graduate employability is centrally located in the changing relationship between higher education and the labour market. The development of mass higher education has intersected with the shift towards a so-called knowledge-driven or post-industrial economy (Drucker, 1993; Amin, 1994)...
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...magnitudes. The recommendations of the study based on empirical findings are toward technical education and vocational training institutions; they should ideally have to devise their technical education and vocational training exactly according to the requirements of industry. Empirical results also emphasize to improve the quality of training. Keywords: Wages, Investment in human capital, Training, Cross-section data, Industries, Developing country 1. Introduction Training in general and skills development in particular, not only play a vital role in individual, organizational and overall national economic growth but are integral part of Human Resource Development (HRD). Empirical literature on the subject topic suggests that human capabilities can be improved through better education and training [Haq (2002)]. Education and training are indispensable instruments for improving labour mobility, adaptability and productivity, thus contributing to enhancing firms’ competitiveness...
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...1.0 CASE STUDY: Human Resource Management issues at Xrok Co. The president of Xrok Co. has called a meeting to get your feedback on Jack, a department manager. Jack is what some people call “from the old school” of management. He is gruff, bossy, and often shows an “it’s my way or the highway” attitude. Jack is about five years from retirement. Jack has a high labour turnover rate in his department. There have been several complaints on company surveys about him from his department and from outside his department. People have commented on the fact that Jack is “rude” during meetings and doesn’t let others contribute. There are times when he has belittled people in meetings and in the hallway. He also talks about his staff “critically” or “negatively” to other managers. But Jack also is a brilliantly talented person who adds a vast amount of needed knowledge and experience to the company. He is extremely dedicated to the company and lets people know this by his arrival each day at 6:30 a.m. and his departure at 6:00 p.m. He has been with the company for 32 years and he reports directly to the president. Jack has gone to the HR department and complained that the people his supervisors hire are not a good fit for the company. The new employees don’t listen and they have a poor work ethic. Jack feels that HR should do a better job screening people. 2.0 QUESTION 1 “Jack feels that HR should do a better job screening people”. Before reaching the stage of “Screening”, Human...
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...interesting firm, but getting the access information is not easy to find. During the presentation the Ceo Henrik Raunkjær only give brief information & the lecture is so quick that can’t even enough to write down (taking notes). Leaneco website is not enough information to support this project. Porters Diamond of National Advantage (Denmark) 1. Factor Conditions The basic factors that the Denmark is no. 6 in the infrastructure in the Competitiveness Yearbook. The technological infrastructure is high and when it comes to education Denmark is marked as no. 1 University and management education that encounter of a competitive economy and the business community. The Danish labour market The salaries has been reinforced by effective exchange rate . Key features of the Danish Labour market: •...
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...THE FUTURE OF EMPLOYMENT: HOW SUSCEPTIBLE ARE JOBS TO COMPUTERISATION?∗ Carl Benedikt Frey† and Michael A. Osborne‡ September 17, 2013 . Abstract We examine how susceptible jobs are to computerisation. To assess this, we begin by implementing a novel methodology to estimate the probability of computerisation for 702 detailed occupations, using a Gaussian process classifier. Based on these estimates, we examine expected impacts of future computerisation on US labour market outcomes, with the primary objective of analysing the number of jobs at risk and the relationship between an occupation’s probability of computerisation, wages and educational attainment. According to our estimates, about 47 percent of total US employment is at risk. We further provide evidence that wages and educational attainment exhibit a strong negative relationship with an occupation’s probability of computerisation. Keywords: Occupational Choice, Technological Change, Wage Inequality, Employment, Skill Demand JEL Classification: E24, J24, J31, J62, O33. We thank the Oxford University Engineering Sciences Department and the Oxford Martin Programme on the Impacts of Future Technology for hosting the “Machines and Employment” Workshop. We are indebted to Stuart Armstrong, Nick Bostrom, Eris Chinellato, Mark Cummins, Daniel Dewey, David Dorn, Alex Flint, Claudia Goldin, John Muellbauer, Vincent Mueller, Paul Newman, Seán Ó hÉigeartaigh, Anders Sandberg, Murray Shanahan, and Keith ...
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...years. China had changed planning economic into market economy. After the reform of China policy, China’s gross domestic product growth rapidly. These kinds of situation bring about good opportunities for foreign investment to invest in China. Howton Ltd, is interested to take over a Chinese telecommunication company, New wonders in Shanghai, and Howton Ltd was interested in increasing its market share. Before the take over, to understand the local situation and Human Resource situation in China is very important. In term of the requirement of the Chief Executive Officer of Howton Ltd, Mr. Richard Wilson, we reported some researches and give some recommendations to Mr. Richard Wilson. The purpose of study of this report were as followings: To provide necessary information for Howton Ltd take over the local telecommunication company. Analysis the Chinese local situation for the Human Resource Department, help them to know the opportunities and threat in China. Recommend some suggestion for Howton Ltd to cope with the local situation in China, also give some recommendation for reform New Wonders’s Human Resource System. The scope of our research included all the east city of China; the emphasis of our research is Shanghai. During in the research we use interview, research on the ground, questionnaire, also get some professional report from the Internet. External Environmental Scanning a) Economic and Technological changes China...
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