Labour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers in exchange for a wage paid by demanding firms. Because these labourers exist as parts of a social, institutional, or political system, labour economics is often regarded as a sociology or political science.Labour markets or job markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers) and the demanders of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income. These patterns exist because each individual in the market is presumed to make rational choices based on the information that they know regarding wage, desire to provide labour, and desire for leisure. Labour markets are normally geographically bounded, but the rise of the internet has brought about a 'planetary labour market' in some sectors.Labour is a measure of the work done by human beings. It is conventionally contrasted with other factors of production, such as land and capital. Some theories focus on human capital, or entrepreneurship, (which refers to the skills that workers possess and not necessarily the actual work that they produce). Labour is unique to study because it is a special type of good that cannot be separated from the owner (i.e. the work cannot be separated from the person who does it). A labour market is also different from other markets in that workers are the suppliers and firms are the demanders.
How is the job market for research mathematicians in industry?
My ultimate goal is to get a PhD in Mathematics, and while I would love to become a professor, I recognize that these days, the chances of me getting a Tenured Track position out of college are slim to none, and personally, I'd...
Hi all,
I am just wondering how much of a job market there is for econophysicists in academia, as compared to say theoretical condensed matter physicists. Is it easier to get a job? How much so?
Also, what are some good schools for econophysics research?
I couldn't find any threads by using the search function on this topic. The US department of labor predicts that the competion for jobs up through 2014 is going to be competitive. Can anyone who currently holds a PhD in physics tell me what the job market is like in academia and in industry...
I need to fall a decision which major to choose for an Institute of Technology. (SAT scores of Mid 50% Enrolled Freshmen: Crit. Rdg.: 555/Math: 580.) Although I know that personal interest should be the central criteria for falling a decision, I am nonetheless curious about the information...