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Labour Economics
Meaning
In common language labour refers to exertion involved in carrying out some work. Meaning of Labour in Economics:For one thing, labour in Economics refers to the work done by human being only. Secondly, labour must be associated with production Thirdly, Labour can be mental or intellectual as well Finally, labour involves active participation and initiative
Definition
According to S.E. Thomas, Labour consists of all human efforts of body or mind, which are undertaken in the expectations of Rewards. According to Dr. Alfred Marshall, Labour is any exertion of mind or body undergone partly or wholly with aview to some good other than the pleasure derived directly from the work.
Characteristics of Labour
Inseparable from owner The Labourer Sells Labour, Not Himself Labour is Perishable Labour is Heterogeneous Labour has weak Bargaining Power Inelastic Supply Less Mobile Active Factor Human Factor
Labour Problems
Types of Labour Problem Individual Problems:- Employer-Employee Relationship General Problems:- the purchase, sales and performance of labour services
Labour Economics concern with labour market and allocation, utilization and conversation of manpower. Labour economics universally deals with wage determination, trade unionism, principles governing legislation, social aspects of Labour employment and unemployment
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Declining Importance of Agriculture System of Labour Tenure Sub-division and Fragmentation of Holdings High Rate of Population Growth Social Disparity and Diversity Regional Imbalance in Development Socio-culture factors Decline of Rural Industries Lack Of State Support Policy Failure
According to D.R Leiter the characteristic of Labour market, with the classification and analysis of labour problems and with the development and role of trade unions. Prof. C.N Vakil views Studies the condition of the effective utilization of human resources in relation to other resources in the growing economy with regards to human welfare.
Human Resource Application, Utilization and Conservation Efficient or Effective Utilization Labour Market Labour Problems A Modern Society Human Welfare
The Institutional Frame work of the Economic System Labour market Labour Problems Labour as a Factor The Problems Related to Wage Employment Theory Principles and Practices of Labour Welfare