Course Purpose
In this course, you will get to learn a comprehensive understanding of the economic principles and theories underlying labour markets, employment trends, and policy implications
Course Learning Outcomes
By the end of the course, you should be able to:
- Define key concepts in labour economics
- Analyse wage determination and employment trends
- Evaluate the impact of labour market institutions
- Examine global labour markets issues
Course Content
Introduction to Labour Economics: Definition and Scope of Labour Economics; Historical Development of Labour Market Theories; Key Concepts: Labour Supply and Demand; Importance of Labour Economics in Policy Making. Labour Supply: Factors Influencing Labour Supply; Labour-Leisure Trade-off; Labour Force Participation Rates; Impact of Demographic Changes on Labour Supply. Labour Demand: Determinants of Labour Demand; Marginal Productivity Theory; Labour Demand Elasticity; Technological Change and Labour Demand. Wage Determination: Theories of Wage Determination; Wage Differentials and Discrimination; Role of Human Capital in Wage Setting; Minimum Wage Laws and Their Impact. Unemployment: Types and Causes of Unemployment; Measurement of Unemployment; Economic and Social Consequences of Unemployment; Policy Measures to Combat Unemployment. Labour Market Institutions: Role of Trade Unions; Collective Bargaining and Wage Negotiation; Employment Protection Legislation; Labour Market Regulation and Deregulation. Education, Training, and Human Capital: Human Capital Theory; Role of Education and Training in Economic Growth; Return on Investment in Education; Policies for Enhancing Human Capital. Labour Mobility and Migration: Factors Influencing Labour Mobility; Economic Impact of Migration; Brain Drain and Brain Gain; Policies to Manage Labour Migration. Globalization and Labour Markets: Impact of Globalization on Labour Markets; Offshoring and Outsourcing; International Labour Standards; Challenges and Opportunities of Informal Employment.