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Labour economics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers, usually in exchange for a wage paid by demanding firms. Because these labourers exist as parts of a social, institutional, or political system, labour economics must also account for social, cultural and political variables.
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions. Minimum wage policies can vary significantly between countries or even within a country, with different regions, sectors, or age groups having their own minimum wage rates. These variations are often influenced by factors such as the cost of living, regional economic conditions, and industry-specific factors.
The economy of South Africa is a mixed economy, emerging market, and upper-middle-income economy, one of only eight such countries in Africa. The economy is the most industrialized, technologically advanced, and diversified economy in Africa. Following 1996, at the end of over twelve years of international sanctions, South Africa's nominal gross domestic product (GDP) almost tripled to a peak of US$416 billion in 2011. In the same period, foreign exchange reserves increased from US$3 billion to nearly US$50 billion, creating a diversified economy with a growing and sizable middle class, within two decades of ending apartheid.
Unemployment, according to the OECD, is people above a specified age not being in paid employment or self-employment but currently available for work during the reference period.
The welfare state of the United Kingdom began to evolve in the 1900s and early 1910s, and comprises expenditures by the government of the United Kingdom of Great Britain and Northern Ireland intended to improve health, education, employment and social security. The British system has been classified as a liberal welfare state system.
Industrial relations or employment relations is the multidisciplinary academic field that studies the employment relationship; that is, the complex interrelations between employers and employees, labor/trade unions, employer organizations, and the state.
Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, and disability insurance. Employment is typically governed by employment laws, organisation or legal contracts.
Ruthanasia, a portmanteau of "Ruth" and "euthanasia", is the pejorative name given to the period of free-market policies conducted during the first term of the fourth National government in New Zealand, from 1990 to 1993. As the first period of reform from 1984 to 1990 was known as Rogernomics after the Labour Party Minister of Finance, Roger Douglas, so the second period became known as "Ruthanasia", after the National Party's Minister of Finance, Ruth Richardson.
In economics, income distribution covers how a country's total GDP is distributed amongst its population. Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world.
Decent work is employment that "respects the fundamental rights of the human person as well as the rights of workers in terms of conditions of work safety and remuneration. ... respect for the physical and mental integrity of the worker in the exercise of their employment."
Precarious work is a term that critics use to describe non-standard or temporary employment that may be poorly paid, insecure, unprotected, and unable to support a household. From this perspective, globalization, the shift from the manufacturing sector to the service sector, and the spread of information technology have created a new economy which demands flexibility in the workplace, resulting in the decline of the standard employment relationship, particularly for women. The characterization of temporary work as "precarious" is disputed by some scholars and entrepreneurs who see these changes as positive for individual workers. Precarious is work is ultimately a result of a profit driven capitalist organization of work in which employment is largely understood as a cost that needs to be reduced. The social and political consequences vary greatly in terms gender, age, race and class and result in varying degrees of inequality and freedom.
The Skills Development Act97 of 1998 is a law enacted in South Africa in 1998.
The Department of Employment and Workplace Relations was an Australian government department that existed between November 2001 and December 2007.
Lars Osberg has been a member of the Economics Department at Dalhousie University since 1977. He also worked for a brief period at the University of Western Ontario. He is well known internationally for his contributions in the field of economics. His major research interests are the measurement and determinants of inequality, social exclusion and poverty, measurement of economic well-being, leisure co-ordination and economic well-being, time use and economic development, economic insecurity.
The Ministry of Public Service, Labour and Social Welfare is a government ministry, responsible for labour relations and welfare in Zimbabwe. Clever Nyathi was the incumbent minister until 2 December while the Joshua Malinga was appointed as the deputy minister for the portfolio of Social Welfare. Nyathi was replaced by ZANU-PF lawmaker Petronella Kagonye. It oversees National Social Security Authority. On November 27, 2017, Emmerson Mnangagwa, who succeeded ousted President Robert Mugabe following the 2017 Zimbabwe coup d'état, announced the dissolution of the Zimbabwe Cabinet, leaving only Patrick Chinamasa and Simbarashe Mumbengegwi as acting ministers of Finance and Foreign Affairs respectively.
The Luxembourg Institute of Socio-Economic Research (LISER) is a research centre located in Esch-sur-Alzette, Luxembourg.
Adriana Debora Kugler is an American economist who serves as a member of the Federal Reserve Board of Governors. She previously served as U.S. executive director at the World Bank, nominated by President Joe Biden and confirmed by the U.S. Senate in April 2022. She is a professor of public policy at Georgetown University's McCourt School of Public Policy and is currently on leave from her tenured position at Georgetown. She served as the Chief Economist to U.S. Labor Secretary Hilda L. Solis from September 6, 2011 to January 4, 2013.
A ministry of labour (UK), or labor (US), also known as a department of labour, or labor, is a government department responsible for setting labour standards, labour dispute mechanisms, employment, workforce participation, training, and social security. Such a department may have national or regional authority.
The Department of Employment, Workplace Relations and Small Business was an Australian government department that existed between October 1998 and November 2001.
Algeria is a country located in Africa along the Mediterranean coast. It is geographically the largest country in North Africa and has a population of approximately 42 million. Until the 1980s, Algeria enjoyed relative wealth after gaining independence from France in 1962 as its economy was buoyed by the booming price of oil. Poverty in Algeria became an acute problem following the collapse of its economic growth around the mid eighties. Since the 1980s, a fall in oil prices in international markets resulted in Algeria experiencing an economic downturn, contributing to rising unemployment and poverty. A lack of democracy, political conflict and government spending have also caused poverty.
References
- ↑ "Vote 18: Labour" (PDF). Estimates of National Expenditure 2011. Pretoria: National Treasury. 23 February 2011. ISBN 978-0-621-39863-2 . Retrieved 10 January 2012.
