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LABOUR ECONOMICS Labour Economics:Economics:“Labour Economics may be defned as a study o the organization, institutions and behavior o the labour market in an industrising or industrial economy”.
According to Dole oder:“Labo Labour ur econ econom omic ics s or manp manpow ower er econ econom omic ics s is prim primar aril ily y conce oncerrned ned with ith eci ecien entt uti utiliz lizatio ation n and and conse onserrvati ation o manpower and resources. !t studies and seeks to understand the processes by which manpower is applied and utilized in modern society. !t is concerned o natural resources in the land”.
Sco!e o" Labour Economics:Labour economics has to deal with may be stated as manpower planning, labour organization, labour relations and public policy wage and employment theory, collective bargaining theory and practice o social security and welare etc. "ccording to #r. $.%.&inha, the ollowing areas o study may be listed to all under the preview preview o labour economics'( !. !nstitutio !nstitutional nal ramewor ramework k o the particular particular economic economic system system.. !!. &ize and and compositi composition on o the the labour labour orce orce and labour labour mark market. et. !!!. !!!. Labo Labour ur as a acto actorr o prod produc ucti tion on(( prod produc ucti tivi vity ty and and eci ecien ency cy condition o work(industrial relation standard o living !). !). Labour Labour*s *s risk risk and and probl problems ems.. ). +rade rade uni union onis ism m )!. Labour Labour*s *s status status and and posit position ion in in societ society y )!!. )!!. Labo Labour ur legi legisl slat atio ion. n. "nother dierent area o labour economics are'( !. "d "dvan vance ce theor theory y o labour labour econ economi omics cs !!. !!. Labo Labour ur laws aws !!!. %rincip %rinciples les o perso personnel nnel managem management ent and and -ob evaluat evaluation ion !). !). %rincip %rinciple le and practice practice o labour labour welar welare e ). +heory +heory and practice practice o o trade trade union union manageme management. nt.
Nature o" Labour Economics:-
LABOUR ECONOMICS#$age %& Name : #$L' (ILL IN&) Enrolment No'# $L' (ILL IN&
Labour economics is in the process o development, its defnition tends to vary and change according to the nature o the economy and is supposed to indicate the criteria or delimiting its scope and enumerating and classiying the problems. !. +he theoretical section !!. +he institutional section
A'
*+e *+eoretical Section:-
+he theoretical section o labour economics is concerned with building up o models o economic behavior by making dierent sets o assumption.
B'
*+e Institutional Section:-
+he institutional section o labour economics is concerned with studies o labour problems in an institutional historical content. +he nature o the labour problems changes with the change in the institutional ramework o the economic systems.
C+aracteristics o" Labour:"ccording to #r. "lred arshell, labour may be defned as “"ny e/ertion o mind or body undergone partly or wholly with a view to have some good other than the pleasure derived directly rom the work”.
0haracteristics are as ollows'(
1. Labour cannot be separated rom the person who labours( !n other words we can say that labour cannot be separated rom labourer body and personality. +hus, the environment and the working conditions in which the worker has to work are o utmost important in the supply o labour. 2. +he worker sells his work services but he himsel remains his own property' ( !n the words o arshell, “+he worker sells his work but he himsel remains his own property. +hus, the supply o labour along with other things depends upon the orethought and sel3essness o those who bring up the labourer.
LABOUR ECONOMICS#$age ,& Name : #$L' (ILL IN&) Enrolment No'# $L' (ILL IN&
4. Labour is perishable commodity, thereore it does not last and cannot be stored or uture( ! a worker does not work or a particular day, that day is lost or ever and he would never be in a position to make use o his lost services.
5. "s the seller o labour are commonly poor and have no reserve und, thereore they cannot with held labour rom the market. 6. +he supply o labour cannot be decreased or increased with all or rise o wage( 7ence, a paid ad-ustment o the supply o labour to its demand is not possible. 8. Labour is not mobile as capital' ( +he dierence in environments, languages, customs etc at dierent places is hinderences to the mobility o the worker rom one place to another. 9. +he marginal productivity o labour is comparatively less than capital. :. ;inally, labour is a living thing and that makes all the dierences.
LABOUR ECONOMICS#$age & Name : #$L' (ILL IN&) Enrolment No'# $L' (ILL IN&