In economics, labour (or labor) is a measure of the work done by human beings. Economics is the social science that studies the production distribution, and consumption of goods and services. It is conventionally contrasted with such other factors of production as land and capital. In economic theory factors of production (or productive inputs) are the resources employed to produce goods and services Land in Economics comprises all naturally occurring resources whose supply is inherently fixed (i In Economics, capital or capital Goods or real capital refers to items of extensive value There are theories which have created a concept called human capital (referring to the skills that workers possess, not necessarily their actual work), although there are also counter posing macro-economic system theories that think human capital is a contradiction in terms. Human capital refers to the stock of skills and knowledge embodied in the ability to perform labor so as to produce Economic value.
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Contents |
Compensation and measurement
Wage is a basic compensation for labour, and the compensation for labour per period of time is referred to as the wage rate. The labour movement or labor movement is a broad term for the development of a collective organization of working people, to campaign in their own interest for better New Unionism is a term which has been used twice in the history of the labour movement both times involving moves to broaden the union agenda The proletariat (from Latin la ''proles'' "offspring" is a term used to identify a lower Social class; a member of such a class is proletarian Social Movement Unionism is a trend of theory and practice in contemporary trade unionism Syndicalism is a type of movement which aims to degrade capitalist societies through action by the Working class on the industrial front Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the Means of production and distribution Timeline of Organized labor history 1790s - 1800s - 1810s - 1820s - 1830s - 1840s - 1850s Labor rights or workers' rights are a group of Legal rights and claimed Human rights having to do with Labor relations between Workers Child labor is the employment of Children at regular and sustained labour The 8-hour day movement or 40-hour week movement (aka the Short-time movement) had its origins in the Industrial Revolution in Britain, where Occupational safety and health is a cross-disciplinary area concerned with protecting the Safety, Health and welfare of people engaged in Collective bargaining is the process whereby workers organize together to meet converse and compromise upon the work environment with their employers A trade union or labour union is an organization of workers who have banded together to achieve common goals in key areas such as wages hours and working conditions forming This is a list of Trade unions and Union federations by country This is a list of federations of Trade unions. Those federations listed under each country are also known as National trade union centres and are organisations formed Unions have been compared across countries by growth and decline patterns by violence levels and by kinds of political activity Inaugural Congress The founding and first congress of the ITUC was held November 1 - 3 2006 in Vienna TemplateInfobox Union for usage -->The World Federation of Trade Unions (WFTU was established in the wake of the Second Template talkInfobox Union for usage --> The International Workers' Association ( IWA) ( Spanish: Strike action, often simply called a strike, is a work stoppage caused by the mass refusal by Employees to perform work. The following is a list of deliberate absence from work related to specific working conditions ( strikes) or due to general unhappiness with the political order ( General strikes A general strike is a Strike action by a critical mass of the labour force in a city region or country A sympathy strike is a Strike action that is initiated by workers in one industry and supported by workers in a separate but related industry or profession A sit-down strike is a form of Civil disobedience in which an organized group of workers usually employed at a factory or other centralized location take possession of Work-to-rule is an Industrial action in which Employees do no more than the minimum required by the rules of a workplace and follow safety or other regulations to Sidney Hillman ( March 23, 1887 - July 10, 1946) was an American labor leader Ion Costache Frimu ( &mdash) was a Romanian socialist militant and politician a leading member of the Romanian Social Democratic Party (PSDR and Tanong Po-arn was a Thai labor union leader who disappeared following the National Peace Keeping Council's 1991 military Coup against the elected government Sarah George Bagley (April 19 1806-1883? was a nineteenth century labor activist in the United States Labor history (or labour history) is a broad field of study concerned with the development of the Labor movement and the Working class. The field of industrial relations (also called labor relations) looks at the relationship between Management and workers particularly groups of workers represented Labour law (also known as employment or labor law is the body of Laws administrative rulings and precedents which address the legal rights of and restrictions A wage is a compensation workers receive in exchange for their labor. The two terms are sometimes used interchangeably.
Other frequently used terms include:
- wage = payment per unit of time (typically an hour)
- earnings = payment accrued over a period (typically a week, a month, or a year)
- total compensation = earnings + other benefits for labour
- income = total compensation + unearned income
- economic rent = total compensation - opportunity cost
Economists measure labour in terms of hours worked, total wages, or efficiency. Unearned income refers to Income that is not a Wage. It includes Interest, Dividends or realized Capital gains from investments Economic rent is the difference between what a Factor of production is paid and how much it would need to be paid to remain in its current use Opportunity cost or economic opportunity loss is the value of a product forgone to produce or obtain In Economics, x-efficiency is the effectiveness with which a given set of inputs are used to produce outputs
- total cost = fixed cost + variable cost
Marxian economics
In Marxian economics, the aim of labour economics is to provide insight and guidance for the optimal allocation of cooperative human labour. Note Marxian economics is not restricted to Marxist economics as it includes the economic thought of those inspired by Marx's works who do not identify with However, this optimality is not simply viewed as a "technical variable" as in micro-economics, because workers are not simply a "factor of production", but human beings who organize themselves and each other. Microeconomics is a branch of Economics that studies how individuals households and firms and some states make decisions to allocate limited resources typically in markets Forms of labour cooperation can be oppressive, irrational and exploitative, or they can be beneficial, rational, or effective. That is to say, labour economics has a political dimension insofar as different workers and employers have different interests. There is a workers' point of view and an employer's point of view.
Marxian economists argue that the reason why labour economics receives little attention is because it has become viewed as a management issue. But this may hide that a particular form of organizing labour has little to do with economic efficiency, and more with getting a high income from an activity. Marxian economists believe that ultimately the most desirable form of labour organization in the workplace is where workers manage themselves collectively, and elect managers where necessary; too much management is inefficient, it just means that people get high incomes for doing very little, capitalizing on specialized knowledge or qualifications.
Types of labour
See also
- Economic rent
- Compensation of employees
- Employment
- Human resources
- Labour economics
- Offshore outsourcing
- Profession
- Retirement
External links
Further reading
- Simon Head, The New Ruthless Economy. Human capital refers to the stock of skills and knowledge embodied in the ability to perform labor so as to produce Economic value. House work is a specific work required to be done as a Duty or for a specific Fee, related to or used in the running of a Household. Manual labour (or manual labor) is physical work done with the hands especially in an unskilled job such as fruit and vegetable picking road building or any As a social-economic system slavery is a legal institution under which a Person (called "a slave" is compelled to work for another Unfree labour is a generic or collective term for those work relations especially in modern or early modern history in which people are employed against their will A volunteer is someone who works for a community or for the benefit of environment primarily because they choose to do so Wage slavery is a term first coined by the Lowell Mill Girls in 1836 though articulated as a concept at least as early as Cicero and elaborated by subsequent thinkers Wage labour is the socioeconomic relationship between a worker and an employer in which the worker sells their labour under a Contract ( Employment Economic rent is the difference between what a Factor of production is paid and how much it would need to be paid to remain in its current use Compensation of employees (CE is a statistical term used in National accounts, Balance of Payments statistics and sometimes in corporate accounts as well Employment is a Contract between two parties, one being the employer and the other being the employee. Labour economics seeks to understand the functioning of the Market and dynamics for labour. Offshore outsourcing is the practice of hiring an external organization to perform some business functions in a country other than the one where the products or services The term profession is applied to those persons who have specialized and technical skill or knowledge which they apply for a fee to certain tasks that ordinary and unqualified people cannot Retirement is the point where a person stops employment completely The European Agency for Safety and Health at Work ( OSHA) was set up in 1996 in Bilbao, Spain. Work and Power in the Digital Age, Oxford UP 2005, ISBN 0-19-517983-8
- L. Ali Khan, The Dignity of Labor
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