What is the first thought that strikes your mind when you hear the term labor? An organization of workers working together for their employers in exchange for fixed payments. Well, do you know about the subject working dedicatedly in the direction to ensure the well-being of these workers? Here you will learn about the discipline of labor economics specializing in identifying the relationship between workers and employers. It covers all the aspects of the labor economy including their wages, discrimination, effects of migration on employment, etc. In this article, you will learn the allocation of labor services in the required jobs and management of their wages.
What Is Labor Economics?
Labor economics is the discipline of economics emphasizing the labor force as a crucial factor in the production of goods. It also elucidates you regarding the labor force comprising of various members of an economy. The members belonging to this force can be labor working to earn profits, employers or employees, and self-employed people. Also, this subject briefly discusses the factors influencing the efficiency of labor and their flexibility between varying professions. The study of labor economics plays a vital role in developing strategies contributing to an increment in industrialized economies.
Moreover, labor economics participates actively in making critical decisions in an individual's life contributing to their sustainability. It is not necessary for the person to be involved in the labor market to seek the benefits of this subject. This subject has educated us with the factors affecting the period to engage in full-time education and the time to retire.
What Properties Define Labor Economics?
In the subject of economics, labor is defined as the working hours exhausted to ensure the production of goods and services. It comprises of all the efforts invested by human beings like physical and mental exertion to achieve desired economic outcomes.
6 Factors Defining Labor Economics
- Perishable labor: In any economy around the globe, labor is a factor which is perishable in nature. Labor is a crucial asset for an economy as labor works his shift contributing significantly to the sustainability of an economy. It is imperative for an economy to utilize their labor wisely as it cannot be stored for the future. Therefore, labor is considered as an essential factor as it cannot be saved to utilize another time.
- Labor only comes with the laborer: You cannot earn labor without the presence of a laborer as labor is the effort made by a laborer. It is crucial for a business to involve the laborer as the labor cannot be sold without the presence of the laborer. For example, a car mechanic cannot repair a car sitting at his home; he has to be present at his workshop to do so.
- Human endeavor: In comparison to other factors, labor is the biggest asset contributing to the sustainability of an economy. It directly relies on the efforts made by human beings to boost the growth of a nation. Human efforts comprise of factors like fair treatment of workers, even breaks, favorable work environment, equal shifts, etc.
- Variation in labor: It is expected from the labor to vary time to time depending on the laborer. As labor works unlike a machine, the quality of work and the time taken to complete it differs. The quality of labor and efficiency of the laborer extensively depends on factors like skills, work environment, wages, etc.
- Weak bargaining: Labor is a vital factor of production with a very week bargaining capacity regarding the buyer of labor services.
This service is not portable or does not have a reserve price making it not friendly to store for later use. It compels the laborers to work for the employer at the offered wages as the laborers have no bargaining power. Also, the poor and ignorant nature of the laborers contributes to their weak bargaining.
- Supply of labor: We can agree with the fact that the quantity of labor is not very elastic. This means that to avail the labor services, you need to appear in his shop or field physically. Also, you cannot expect the labor to increase instantly with increasing demand in the market. This is because demand can be created overnight, but skilled labors cannot be developed on such short notice. So, the supply of demand is not very elastic and also not a realistic approach to meet the overgrowing demands of civilization.
Higher Minimum Wage Increasing the Bargaining Power of Workers
According to the demand and supply model, an increase in the minimum wage contributes to the welfare of laborers. On the contrary, it affects the people who fail to secure jobs at the time of a shortfall of employment. But the advocates of the minimum wage emphasize the cruciality of a situation over the model it is utilized. It allows marketers to increase the bargaining power of the laborers by providing a boost in the minimum wages.
Also, an incline in the federal minimum wage also triggers the expenditure of consumers contributing to the growth of an economy. A boost in worker productivity can lead to the dedication of an employee contributing to the employee's punctuality. Therefore, an increase in the minimum wage contributes to the overall betterment of an economy increasing consumer demand.
What Is the Future of Labor Economics?
Labor economics is the discipline of economics having a broad scope contributing to the welfare of the laborers in an economy. This subject contributes to the promotion of the work environment for the laborers leading to brighter chances for their sustainability. The active nature of this subject helps marketers to make critical decisions in the best interest of the labor in an economy. This subject plays a massive role in educating the people of a nation regarding the benefits of labor economics. So, looking at the significance of this subject; it can be concluded that labor economics has a bright future in every sector of the economy.
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Labor Economics
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