Copyright © Philip M. Parker, INSEAD. Terms of Use.
Definition: Labor Market |
Labor MarketNoun1. The market in which workers compete for jobs and employers compete for workers. Source: WordNet 1.7.1 Copyright © 2001 by Princeton University. All rights reserved. |
Synonym: Labor MarketSynonym: Labor supply. (additional references) |
(From Wikipedia, the free Encyclopedia)
Labor economics seeks to understand the functioning of the labor market. Labor markets function through the interaction of workers and employers.
The overall labor market differs from markets for goods in several ways. Perhaps the most important of these differences is the function of supply and demand in setting prices. In markets for goods, if the price is high there is a tendency in the long run for more goods to be produced until the demand is satisfied. With labor, overall supply cannot effectively be manufactured because people have a limited amount of time in the day, and people are not manufactured. A rise in overall wages will not generally result in more supply of labor - it may result in less supply of labor as workers take more time off to spend their increased wages, or it may result in no change in supply if workers on average decide to save their increased pay. It is difficult to see how it would increase the supply. Within the overall labor market, particular labor markets are thought to be subject to more normal rules of supply and demand as workers are attracted to change job types in response to differing wages.
Many economists have thought that, in the absence of laws or organisations such as unions to the interfere, labor markets can be close to perfectly competitive in the economic sense - that is, there are many workers and employers both having perfect information about each other and there are no transaction costs. The competitive assumption leads to clear conclusions - workers earn their marginal product of labor.
Other economists focus on deviations from perfectly competitive labor markets. These include job search, training and gaining-of-experience costs to switch between job types, efficiency wage models and oligopsony / monopsonistic competition.
Source: adapted by the editor from Wikipedia, the free encyclopedia under a copyleft GNU Free Documentation License (GFDL) from the article "Labor market."
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Source: compiled by the editor from various references; see credits. | |||
| Subject | Topic | Quote |
Business | In a country where the unemployment statistics are around 40%, the potential impact on the labor market is considerable. (references) | |
Further affecting the chances of youth participation in the market place are inefficiencies and inequalities in the labor market. (references) | ||
Further, the Act aims to increase the levels of investment in education and training in the labor market and to improve the return on that investment. (references) | ||
Civil Liberties | Austria | The overwhelming majority of all Bosnian refugees have been integrated into the labor market. (references) |
Korea | In practice most asylum seekers enter the labor market, as do other undocumented foreign workers. (references) | |
Spain | The former status includes some restrictions on access to the labor market and welfare payments, although it does grant the applicant residency and work permits. (references) | |
Economic History | Cote D'ivoire | The Ivoirian labor market is segmented. (references) |
Italy | The Italian labor market is becoming more flexible. (references) | |
Sweden | Clearly Sweden needs structural reforms in its labor market. (references) | |
Minorities | Netherlands | Most complaints concerned the labor market, including denial of promotion, discrimination in the work place, unequal pay, and dismissal. (references) |
Sweden | The Ombudsman for Ethnic Discrimination reported an increase during the year of 66 percent in the number of complaints of ethnic discrimination in the labor market; there were 274 complaints during the year compared to 164 complaints in 2000. A 2000 law recognizes the Sami people, Swedish Finns, Tornedal-Finns, Roma, and Jews as national minorities. (references) | |
Political Economy | SWEDEN | Active labor market practices also are particularly important. (references) |
Trade | Ukraine | The project will (i) compensate redundant miners and ease social tensions through the provision of statutory social benefits; (ii) establish efficient procedures for closing redundant and uneconomic mines and avoiding serious environmental impact; (iii) enable miners from mines that are to be closed to enter the regional labor market and find new permanent or temporary employment in non-mining sectors; and (iv) provide public information, auditing, training and technical assistance. (references) |
Women | Netherlands | During the year, 52 percent of women participated in the labor market. (references) |
Poland | In 1999 the U.N. Human Rights Commission expressed its concern about the situation and agreed that women were discriminated against in the labor market. (references) | |
Worker Rights | Brazil | Young men are trafficked primarily domestically in the agricultural labor market. (references) |
Saint Vincent and the Grenadines | The age of leaving school at the primary level is 15 years; when these pupils leave school, they usually are absorbed into the labor market disguised as apprentices. (references) | |
Barbados | Household domestics are entitled to a minimum wage of $0.75 (BDS$1.50) per hour, although in actual labor market conditions, the prevailing wage is triple that amount. (references) | |
Source: compiled by the editor from ICON Group International, Inc.; see credits. | ||
| Speaker | Term | Phrase(s) |
Harry S. Truman | 1945-1953 | Even if substantial further withdrawals from the labor market occur, unemployment will increase temporarily. |
Source: compiled by the editor from various references. | ||
Expression using "labor market": free labor market. Additional references. | |
| Source: compiled by the editor from various references; see credits. |
| The following statistics estimate the number of searches per day across the major English-language search engines as identified by various trade publications. Hyperlinks lead to commercial use of the expression at Amazon.com. |
| Expression | Frequency per Day |
the economics of labor market | 2 |
| Source: compiled by the editor from various references; see credits. | |
| Language | Translations for "labor market"; alternative meanings/domain in parentheses. | |
Afrikaan | arbeidsmark (labor, labour, labour market). (various references) | |
Albanian | treg i punës (labour market). (various references) | |
Bulgarian | трудови резерви (labour market). (various references) | |
Dutch | arbeidsmarkt (labour market). (various references) | |
Esperanto | labormerkato (labour market). (various references) | |
Frisian | arbeidsmerk (labour market). (various references) | |
German | arbeitsmarkt (labour market). (various references) | |
Japanese Kanji | 労働市 . (various references) | |
Japanese Katakana | ろうどうしじょう. (various references) | |
Pig Latin | aborlay arketmay.(various references) | |
Portuguese | tribunal do trabalho. (various references) | |
Romanian | piaţa braţelor de muncã (labor exchange, labour exchange, labour market). (various references) | |
Russian | рынок труда (job market, labour market, labour-market). (various references) | |
Serbo-Croatian | berza rada (labour market). (various references) | |
Spanish | mercado de trabajo. (various references) | |
Swedish | arbetsmarknad (labour market). (various references) | |
Thai | ตลา"แรงงาน. (various references) | |
Turkish | işgücü piyasası (labour market). (various references) | |
| Source: compiled by the editor from various translation references. | ||
Scrabble® Enable2K-Verified Anagrams | |
| Words within the letters "a-a-b-e-k-l-m-o-r-r-t" | |
-3 letters: arboreal, arboreta, keratoma. | |
-4 letters: aborter, aerator, areolar, bloater, bromate, earmark, laborer, lambert, makable, marbler, oatmeal, rambler, ratable, realtor, relator, taborer, takable, tamable, temblor. | |
-5 letters: abater, abator, ablate, aboral, amatol, ambler, amoeba, amoral, aortae, aortal, arable, areola, armlet, arroba, balker, barker, barrel, barret, barter, bemata, blamer, boatel, boater, bolter, borate, boreal, broker, bromal, embark, errata, karate, krater, labret, lamber, larker, lobate, malate, marble, marker, market, meatal, merlot, molter, morale, mortal, mortar, oblate, rabato, ramate, ramble, rebato, remark, remora, retral, roamer, talker, tamale, tambak, termor, tombak, tombal, tramel, tremor. | |
| Source: compiled by the editor from various references; see credits. SCRABBLE® is a registered trademark. All intellectual property rights in and to the game are owned in the U.S.A and Canada by Hasbro Inc., and throughout the rest of the world by J.W. Spear & Sons Limited of Maidenhead, Berkshire, England, a subsidiary of Mattel Inc. Mattel and Spear are not affiliated with Hasbro. | |
Hexadecimal (or equivalents, 770AD-1900s) (references)4C 61 62 6F 72 4D 61 72 6B 65 74 |
| Leonardo da Vinci (1452-1519; backwards) (references)
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Binary Code (1918-1938, probably earlier) (references)01001100 01100001 01100010 01101111 01110010 00100000 01001101 01100001 01110010 01101011 01100101 01110100 |
HTML Code (1990) (references)L a b o r   M a r k e t |
ISO 10646 (1991-1993) (references)004C 0061 0062 006F 0072 004D 0061 0072 006B 0065 0074 |
Encryption (beginner's substitution cypher): (references)46676881842476784777186 |
| 1. Definition 2. Synonyms 3. Crosswords 4. Usage: Commercial | 5. Quotations: Non-fiction 6. Quotations: Speeches 7. Expressions 8. Expressions: Internet | 9. Translations: Modern 10. Anagrams 11. Orthography 12. Bibliography |
Copyright © Philip M. Parker, INSEAD. Terms of Use.
