What is Labour Economics: Full Form, Course Duration, Admission 2025, Colleges, Salary & Scope

Labour Economics is the study of the labour force that comprises employees, employers, self-employed as well as the unemployed and job seekers.

Labour Economics can been seen at two levels – Macroeconomics and Microeconomics. While Microeconomics studies the role of individuals and firms in the labour market, Macroeconomics looks at the interrelations between the labour market, labour goods market, money market and foreign trade market. Labour market looks at the employment and unemployment levels, unfilled vacancies known as stock variables. There are two categories of unemployment – Natural Unemployment and Unnatural Unemployment. Given below is the table explaining types of natural and unnatural employment.

Labour Economics: Types of Unemployment

Candidates can see the table below for the types of Unemployment in Labour Economics course -

Natural Unemployment
Frictional Unemployment	This refers to the duration when a professional voluntarily leaves the current job in search of a new one. It also includes freshers joining the workforce.
Structural Unemployment	This refers to the gap in employment when there are not enough jobs for workers due to mismatch between skills and requirement.
Natural Rate of Unemployment	This is defined as the summation of Frictional and Structural Unemployment. It represents the lowest employment rate viz. inflation.
Unnatural Unemployment
Demand Deficient Unemployment	This refers to state of unemployment where workers are willing to work but there’s not enough employment opportunities
Seasonal Unemployment	This refers to employment on seasonal jobs when demand for workers increase or decrease depending on demand and production over a particular duration of the year.

Source: Official site and may vary.

Eligibility Criteria for Labour Economics Courses

Candidates can see below the eligibility criteria for Labour Economics course at UG, PG and PhD level -

1. UG: Must have completed Class 12 in Humanities or Commerce stream with a minimum 45% aggregate.
2. PG: Candidates must have completed BA in Economics/BCom with minimum 50% aggregate.
3. PhD: Candidates must have completed MA in Economics or MCom/MPhil with minimum 60% aggregate.

Labour Economics: Skills Required

Given below are some key skills required to purse as a course and career:

Labour Economics: Skillset Required
Strong in Mathematics	Problem Solving Skills
Analytical Skills	Research Skills
Leadership Skills	Good Communication Skills
Observational Skills	Reasoning Skills

Courses Offered in Labour Economics

Given below are some of the popular degree courses offered in Labour Economics. Aspirants can also opt for diploma and certificate courses in this subject.

Labour Econmics Courses	Labour Econmics Course Duration
BA in Economics	3 years
BCom	3 years
MA in Economics	2 years
MCom	2 years
MPhil in Economics	2 years
PhD in Economics	2 to 4 years

Labour Economics Syllabus

Listed below are the topics of Labour Economics syllabus at UG and PG courses -

• Labour supply
• Labour demand and equilibrium
• Labour market during expansions and recessions
• Labour market institutions and labour market policies
• Investment in education
• Inequality in the wage structure and across generations
• Unemployment and vacancies

Labour Economics: Career Scope

Teaching and Research are good career options in Labour Economics field. One can complete PhD and be a part of academia to further the causes of labour force and their welfare at the larger level and bring about long term changes.

Following are the most popular Labour Economics Colleges in India. Learn more about these Labour Economics colleges (Courses, Reviews, Answers & more) by downloading the Brochure.

Following are the top exams for Labour Economics. Students interested in pursuing a career on Labour Economics, generally take these important exams.You can also download the exam guide to get more insights.