Importance of Labor Economics-
Labor economics is the study of the outcomes and the workings of the market for labor. More generally it's the study of the behavior of employees and employers in response to the things like prices, wages, inflation, profit and other aspects that affect the working relationship of the labor and entrepreneur. For example- the effect of wages on the employment opportunities, how the increases in income change the working preference of a labor? Suppose there is an increase in the wage of the labor for some time he will start working more but with the more increase in wages the labor will start giving more weight to leisure which is also known as the substitution effect of the income.
The importance of labor economics is that it treats working ability of the worker as his capital in which he makes many changes over the period of time. For example- it treats years of schooling, training, aptitude, and attitude towards work etc. as the investment in the human capital and wages as the return on those investments. Another factor that gives much importance to the labor economics is that generally most people think that only wages affect the quitting rat of a labor but it's not completely true, with the labor hypothesis analysis it can be seen that there are many other factors like age of the worker older worker has a high rate of quitting jobs, job location, employee benefit etc. thus studying labor economics give insight to the students on the labor market and the working nature of the market.
Difficulties faced by a student while solving labor economics problem-
One of the most common problem faced by the students in labor economics is the problem of heterogeneity, which is if there is any difference in the remuneration is due to the human capital for example- if someone is paid less than a Ph.D. is because he must be having lower skills which is also measured as the years of schooling. The reverse labor supply curve is a difficult concept for the students, labor supply curve show the income and substitution effect of wages and leisure. When the price effect is greater than substitution effect the labor supply curve will be upward sloping and when substitution effect is greater than price effect it bends backward.
Another problem is to decide the wage rate in the labor market generally the wage rate is decided by the interaction of the labor demand and labor supply, but the wage should be such that it keeps the unemployment rate to the minimal level. The wages are considered as the returns to the investment made to the human capital over a period of time, therefore finding the wage which will represent the perfect return to the investment is a difficult task for the students.
Few important tips to solve problems of labor economics-
Students facing problems which are very common problems in labor economics, the concept that will help students in this problem is that it is not only year of schooling that affect that wages of the labor there are other point which are-
- Compensating differentials- a worker may be paid less because he may be getting other employee benefits from his employer, like lower effect requirements, better working conditions etc.
- Labor market imperfections- two workers working in the same market may be getting two different wages due to the labor market imperfection, where one labor is working in a high productivity job which results in better pay on the other hand the different worker with the same working ability is getting lower wages because he is in low productivity job.
- Taste based discrimination- an employer may pay less wages to a worker because of worker's gender, race due to their prejudice.
Therefore treating human capital as the investment or an incentive to investment it is important to keep in mind unobserved heterogeneity of the labor market.
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Labor economics is the subject is the study of the labor market and deciding how different factors affect the wages of the labor? It's a microeconomic concept which requires an expert help to deal with the problems of labor economics therefore having a help 24x7 is a relief to the students who are studying or finding difficulties in problems. The support is open all the time to the student and they can send their problems at any point of time and it will be solved as soon as the students demand. Our economics assignment help service is most popular in MBA or management students who are taking service in whole semesters, during around the clock.
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