An Introduction To Labour Economics By Economics Assignment Help Providers

Before studying labour economics, it is important to know what is labour? Labour is the amount of mental, physical and social force and efforts required to produce goods and services for an economy. In labour economics, the labour force is studied as an essential element in the whole operation of production. Labour force deals with all those who work for profit, whether it be employers, employees, self-employed or unemployed who are in search of a job. It includes the study of factors that affect the efficiency of workers, their distribution among various industries and professions, and ascertainment of their payment. This section of economics deals with the work-force of current industrialised economies.

How To Measure Labour?

Labour is measured by labour pool or labour force. Below are some ways to measure labour force of a country.

• Only those who are working or worked recently or willing to work are considered part of the labour force. Along with the number of workers, the size of the labour force also depends on how likely the workers will get a job. It is the total number of people or adults who are working and who are unemployed.

• Every jobless person is not considered as unemployed automatically. Some of them have chosen to be jobless or are not looking out for a job. Such as - retired persons, mothers, and students. Or some people have stopped looking for new jobs. These workers are known as discouraged workers.

• The labour force participation rate is the labour pool segmented by the civilian non-institutionalised population. It shows how many adults are available and looking out for work.

Different Types Of Labour

 Labour is divided into three major categories explained below.

• Skilled and unskilled labour

For performing the task people with special knowledge, training, and learning is termed as skilled labour. For example - engineers, doctors, teachers, etc, are skilled labours.  On the other hand, a job in which no special learning, knowledge, and training is required is called unskilled labour. Such as - porter, a rickshaw puller, etc. are unskilled labour.

• Physical and mental labour

Such work in which physical strength is required is termed as the physical labour. For example - factory workers, a rickshaw puller, etc. Whereas, in mental labour is more as compared to physical labour. For example - a teacher, doctor, writer, etc.

• Productive and unproductive labour

It means that labour which adds net value to the product. On the other hand, unproductive labour does not add net value to the net product.

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