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Encyclopedia > Labour (economics)

In classical economics and all micro-economics labour is a measure of the work done by human beings and is one of three factors of production, the others being land and capital. There are macro-economic system theories which have created a concept called human capital (referring to the skills that workers possess, not necessarily their actual work), although there are also counterposing macro-economic system theories that think human capital is a contradiction in terms. Classical economics is a school of economic thought whose major developers include William Petty, Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill, and Johann Heinrich von Thünen. ... U.S. Economic Calendar Economics at the Open Directory Project Economics textbooks on Wikibooks The Economists Economics A-Z Daily analysis of economics in the news (UK focus) Institutions and organizations Bureau of Labor Statistics - from the American Labor Department Center for Economic and Policy Research (USA) National Bureau... Microeconomics is the study of the economic behaviour of individual consumers, firms, and industries and the distribution of production and income among them. ... Classical economics distinguishes between three factors of production which are used in the production of goods: Land or natural resources - naturally-occurring goods such as soil and minerals. ... In economics, land comprises all naturally occurring resources, such as geographical locations, mineral deposits, and even portions of the electromagnetic spectrum. ... Capital has a number of related meanings in economics, finance and accounting. ... Human capital is a way of defining and categorizing peoples skills and abilities as used in employment and otherwise contribute to the economy. ...

Articles related to
the labour movement
Child labor
Labor in economics
labor history
Labor law
Labor rights
Timeline
Trade union
Strike
Syndicalism

Contents

The labour movement (or labor movement) is a broad term for the development of a collective organization of working people, to campaign in their own interest for better treatment from their employers and political governments. ... Child labour or labourity is the term for the employment of children. ... In classical economics and all micro-economics labour is one of three factors of production, the others being land and capital. ... Labor or labour history is a broad field of study concerned with the development of the labor movement and the working class. ... Labor law or labour law is the body of laws, administrative rulings, and precedents which address the relationship between and among employers, employees, and labor organizations, often dealing with issues of public law. ... Labor rights are laws created in order to always have fairness and keep peace between employees and employers. ... Labor History Timeline for 1806-1986 1800s - 1810s - 1820s - 1830s - 1840s - 1850s - 1860s - 1870s - 1880s - 1890s 1900s - 1910s - 1920s - 1930s - 1940s - 1950s - 1960s - 1970s - 1980s - 1990s - 2000s 1800s 1806 The 1806 Commonwealth vs. ... A union (labor union in American English; trade union in Commonwealth English) is an organisation formed by workers. ... Syndicalism refers to a set of ideas, movements and tendencies which share the avowed aim of transforming capitalist society through action by the working class on the industrial front. ...


Compensation and measurement

Wage is a basic compensation for labour, and the compensation for labour per period of time is referred to as the wage rate. The two terms are sometimes used interchangeably. A wage is the amount of money paid for some specified quantity of labour. ...


Other frequently used terms include:

  • wage = payment per unit of time (typically an hour)
  • earnings = payment accrued over a period (typically a week, a month, or a year)
  • total compensation = earnings + other benefits for labour
  • income = total compensation + unearned income
  • economic rent = total compensation - opportunity cost

Economists measure labour in terms of hours worked, total wages, or efficiency. For use in social policy, see the article social welfare. ... Unearned income refers to income that is not a wage. ... Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the benefits that could be received from that opportunity), or the most valuable foregone alternative. ... In economics, x-efficiency is the effectiveness with which a given set of inputs are used to produce outputs. ...


Marxian economics

In Marxian economics, the aim of labor economics is to provide insight and guidance for the optimal allocation of co-operative human labour. However, this optimality is not simply viewed as a "technical variable" as in micro-economics, because workers are not simply a "factor of production", but human beings who organise themselves and each other. Forms of labour co-operation can be oppressive, irrational and exploitative, or they can be beneficial, rational, or effective. That is to say, labor economics has a political dimension insofar as different workers and employers have different interests. There is a workers' point of view and an employer's point of view. Marxian economics refers to a body of economic thought stemming from the work of Karl Marx. ... Microeconomics is the study of the economic behaviour of individual consumers, firms, and industries and the distribution of production and income among them. ...


Marxian economists argue that the reason why labor economics receives little attention is because it has become viewed as a management issue. But this may hide that a particular form of organising labour has little to do with economic efficiency, and more with getting an high income from an activity. Marxian economists believe that ultimately the most desirable form of labor organisation in the workplace is where workers manage themselves collectively, and elect managers where necessary; too much management is inefficient, it just means that people get high incomes for doing very little, capitalising on specialised knowledge or qualifications.


Types of labour

This page is a candidate to be copied to Wiktionary. ... Manual labor is a term used for hard physical work done with the hands, especially in an unskilled manual job such as fruit and vegetable picking, et cetera. ... The Buxton Memorial Fountain, celebrating the emancipation of slaves in the British Empire in 1834, London. ... This group of political volunteers is working to promote voter turn-out. ...

See also


  Results from FactBites:
 
Labour (economics) - definition of Labour (economics) in Encyclopedia (179 words)
In classical economics and all micro-economics labour is one of three factors of production, the others being land and capital.
There are macro-economic system theories which have created a concept called human capital (referring to the skills that workers possess, not necessarily their actual work), although there are also counterposing macro-economic system theories that think human capital is a contradiction in terms.
The price of labour is called a wage, and the price of labour per period of time is referred to as the wage rate.
  More results at FactBites »

 
 

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