The study of labor economics seeks to understand the underlying concepts in markets for the wage laborers. The labor markets are seen to function with the interplay between the employers and the workers. The study of labor economics thereby tries to understand the demands of the employers and the services available from the workers and the resulting definition of wages, employment avenues and the payout. In economic parlance labor is defined as the unit that measures the work done by the human beings. It is a part of the traditional factors of production like land, capital and organization.
Labor economics has defined the term labor in a finer way encompassing all the outputs of human effort and the effort put by human beings to do any productive activity is now termed as human capital. Therefore labor economics is a study area that has borrowed from various micro- economic concepts and the manner in which the macro- economic systems impact the functioning of the labor (human capital).The study of labor economics is also deeply influenced by the socialistic philosophy of equitable distribution of wealth. The study has found new focus due to the ever increasing labor dynamics in the global scenario.
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