Labour economics is the subfield of economics concerned with the study of labour as an input to economic production. Broadly, it surveys labor markets and the ecomic decisions of agents participating in such markets. Topics of study include the labour supply of workers and how it is affected by variables such as age, education, gender and childbearing, as well as the labour demand by firms searching for different forms of labor as an input in the production of goods and services. In addition, labour economics studies, amognst others, phenomena such as schooling, human capital, inequality, unemployment, trade unions, discrimination, technological change, and public policies related to labor markets, such as unemployment benefits, pensions and health care.
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Labour market in the context of Political economy
Political economy—sometimes referred to as comparative economy—is a branch of political science and economics that studies economic systems (such as markets and national economies) and how they are governed by political systems, including laws, institutions, and governments.
The discipline analyzes phenomena such as labour markets, international trade, growth, the distribution of wealth, and economic inequality, as well as the ways in which these are shaped by political institutions, legal frameworks, and public policy. Emerging in the 18th century, political economy is regarded as the precursor to the modern discipline of economics.
Labour market in the context of Economic policy
The economy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy.
Most factors of economic policy can be divided into either fiscal policy, which deals with government actions regarding taxation and spending, or monetary policy, which deals with central banking actions regarding the money supply and interest rates.
Labour market in the context of Democracy in Marxism
Marxist theory envisions that a new democratic society would rise through the organized actions of the international working class, enfranchising the entire population and freeing up humans to act without being bound by the labour market. There would be little, if any, need for a state, the goal of which was to enforce the alienation of labour; as such, the state would eventually wither away as its conditions of existence disappear.
Karl Marx and Friedrich Engels stated in The Communist Manifesto (1848) and later works that "the first step in the revolution by the working class, is to raise the proletariat to the position of ruling class, to win the battle of democracy", and universal suffrage being "one of the first and most important tasks of the militant proletariat". As Marx wrote in his Critique of the Gotha Programme (1875), "between capitalist and communist society there lies the period of the revolutionary transformation of the one into the other. Corresponding to this is also a political transition period in which the state can be nothing but the revolutionary dictatorship of the proletariat". He allowed for the possibility of peaceful transition in some countries with strong democratic institutional structures (Britain, the United States, and the Netherlands) but suggested that in other countries in which workers can not "attain their goal by peaceful means", the "lever of our revolution must be force" on the grounds that the working people had the right to revolt if they were denied political expression.
Labour market in the context of Labour market flexibility
The degree of labour market flexibility is the speed with which labour markets adapt to fluctuations and changes in society, the economy or production. This entails enabling labour markets to reach a continuous equilibrium determined by the intersection of the demand and supply curves.
Labour unions can limit labor market flexibility by negotiating higher wages, benefits, and better working conditions with employers. In the words of Siebert, labour unions were seen to inhibit "the clearing functions of the market by weakening the demand for labor, making it less attractive to hire a worker by explicitly pushing up the wage costs or by introducing a negative shadow price for labor; by distorting the labor supply; and by impairing the equilibrating function of the market mechanism (for instance, by influencing bargaining behavior)."
Labour market in the context of Social protection
Social protection, as defined by the United Nations Research Institute for Social Development, is concerned with preventing, managing, and overcoming situations that adversely affect people's well-being. Social protection consists of policies and programs designed to reduce poverty and vulnerability by promoting efficient labour markets, diminishing people's exposure to risks, and enhancing their capacity to manage economic and social risks, such as unemployment, exclusion, sickness, disability, and old age. An emerging approach within social protection frameworks is Adaptive Social Protection, which integrates disaster risk management and climate change adaptation to strengthen resilience against shocks.It is one of the targets of the United Nations Sustainable Development Goal 10 aimed at promoting greater equality.