Labour Market
Essays

The labor market has historically been subject to regulation but this is the result of vested interests rather than any economic imperative

The labour market is defined by the Office for National Statistics (2011) as those between the ages of 16 and 64 inclusive. They are typically categorized as either employed, unemployed or inactive.

The world has been going through dramatic changes for the past few decades. Uncountable inventions are made which influence not only the life of an individual but also the face of economy and nature of political affairs. Particularly speaking in the context of 21st century, the world has become so dynamic that everyday brings some news of invention and innovation. This change is reflected both positively and negatively in the matters of world.

Similar to product markets, labour markets tend to be characterised by imperfections. The imperfections stem from factors such as monopsony, trade unions, wage discrimination, labour immobility, government…