Summary
Labour Economics, is the study of labour force as an element in the process of production. The labour force comprises
all those who work for gain, whether as employees, employers, or as self-employed, and it includes the unemployed
who are seeking work. Labour economics involves the study of the factors affecting the efficiency of these workers,
their deployment between different industries and occupations, and the determination of their pay. In developing
models for the study of these factors, this section deals with the labour force of contemporary industrialized
economies.
Labour Economists have the responsibility of collecting and analyzing data in order to prepare reports and formulate
plans to address economic problems related to the labour market.
Labour Economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour markets
function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services
(workers), the demands of labour services (employers), and attempts to understand the resulting pattern of wages,
employment, and income.
Labour Economist job duties includes to collect and analyze data related to labour and employment markets, prepare
reports which explain certain phenomena within labour economics. They also determine the potential impacts of new
public policies, such as proposed legislation, taxes, services, and regulations and testify as an expert witness at
regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy, futher they
present recommendations based on cost-benefit analysis.
Work Environment
Labour Economist work in an office setting with a team of other labor economists and other specialists. They also
design surveys, gather and compile data, then review and analyze that data to compile reports. Labour economist can
work at many levels: state, federal, or local. Private companies even employ labor economists to help them evaluate
their own training and hiring needs, and determine how they can best fit those needs with the trends in society.
Entry Level Education
- Master's Degree in Labour Economics
- Ph.D. in Labour Economics.
