Introductory Econometrics, and, of course, The Handbook of Labor Economics [HLE]. 5 How much education to obtain. Economics teaches the knowledge of economic systems. produce the same level of goods and services with less resources. 4 Whether or not to join a union. Labour productivity is important at least for four reasons. First, it drives economic growth – a highly productive economy means that we are able to . ADVERTISEMENTS: Necessity and Importance of Labour Law and Principles! Agriculture plays an important role in our country's growth. Classical economists like Ricardo and Karl Marx gave prime place to labour as the main source of production. produce more goods or services with the same amount of resource, or . and Labour Market Dynamics” and the 4th ZEW Conference on the “Economics of Information and Communication Technologies” for helpful comments and discussions. Main players and their Roles. The knowledge of economics is essential to eradicate poverty of a nation and to raise their living standards. Accurate, Objective, Relevant, Timely, and Accessible workforce and labor market information is critical for: • Building a skilled workforce that spurs business competitiveness and economic growth; LABOUR RELATIONS, EMPLOYMENT CONDITIONS AND PARTICIPATION IN THE HEALTH SECTOR Dr Pedro Brito Coordinator, Human Resources Development Program, PAHO/WHO, Washington DC Pedro Galin NOGAL, AC, Buenos Aires Lawyer, External consultant, PAHO Marta Novick Sociologist, CONICET Labor economics look out to recognize the dynamics and functions of the markets of labor.The labor market function is by the interaction and dealing of employers and workers. Labour supply. 2. The knowledge of the subject tells how the complex forces work in the economic systems. Generally these laws provide guidelines to the employers/industrialists in dealing with the matters of wages, wage incentives, facilitates for workers and the working conditions of We thank the Institute for Labour Studies (OSA) for making available the data used in this paper and for financial support. ADVERTISEMENTS: A man is both a consumer and a producer. Second, labour productivity affects everyone. 8 etc. labour (measure of work done by human beings) • Explains the functioning and dynamics of the market for labour e.g. 1 Whether or not to join the labour force. Labour is an important factor not only in production, but in all other economic activities. Other useful texts are Boeri, T., and J. van Ours The Economics of Imperfect Labor Markets. 3 How many hours to work. The rule of labour is highlighted by the following factors: 1. 6 When to retire. Bas 2 Which occupation/industry to join. • Refers to the demand for labour – by employers and the supply of labour (provided by potential employees) • Demand for labour … Problems related to agricultural often hamper the economy [1] . the pattern of wages, employment and income. 7 Where to live. What is Labour Market Economics? Dimensions of LS: 1 quantity dimensions: extensive margin (work or not), efficient operation of labor markets by supplying quality labor market intelligence. What decisions do individuals make? Labor economics tries to understand the result pattern of income, employment and wages by looking at the workers or employs and the employers. Basis […] Labor Economics by Pierre Cahuc and AndrØ Zylberg, MIT Press 2004. 3 Definition: Industrial legalizations are the laws enacted by the Government to provide economic and social justice to the workers in industries. Borjas, G. Labor Economics, Ehrenberg, R., and R. Smith Modern Labor Economics, Wooldridge, J. 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