Flashcards in Foundations of Economic Analysis: The Labour Market Deck (2)
What are the sources of wages?
Labour Economics is one of the largest branches of Economics focusing on the functioning and dynamics of the markets for wage labour
One key idea in labour economics is to think of the set of marketable skills of workers as a form of capital (human capital) in which workers make a variety of investments
Sources of wage differences:
relevant differences between workers in productivity, due to education, training and experience, ability etc.
The structure of the labour market.