Labour Economics
Vipra ShrivastavaSenior Manager - Content
Labour Economics is a branch of economics, which seeks to understand the functioning and dynamics of labour force in the process of production. It is the study of the labour force that comprises employees, employers, self-employed as well as the unemployed and job seekers. This branch of Economics includes aspects that affect these groups of labour force before, during and after their working lives, such as lifestyle, childcare, education, earnings, incentives, fertility, discrimination, work timings, pension and reforms.
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
Given below is the table explaining types of unemployment and which is the base of Labour Economics studies.
| 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. |
Eligibility Criteria for Labour Economics Courses
One can pursue Labour Economics as an academic programme at undergraduate (UG) and postgraduate (PG) levels, under Economics courses. Given below are the basic eligibility criteria for Labour Economics at UG and PG levels.
- UG: The candidate should have completed Class 12 or equivalent in Humanities or Commerce stream from a recognised Board or university with minimum 45 per cent in aggregate.
- PG: The candidate should have completed BA in Economics/BCom or equivalent degree from a recognised University with minimum 50 per cent in aggregate.
- PhD: The candidate should completed MA in Economics or MCom/MPhil from a recognised university with minimum 60 per cent in 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 |
| 3 years |
|
| MA in Economics |
2 years |
| 2 years |
|
| MPhil in Economics |
2 years |
| PhD in Economics |
2 to 4 years |
Labour Economics Syllabus
We have listed some to the topics that are a part of Labour Economics syllabus at UG and PG courses taught in universities:
- 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
As a Labour Economist, one can be a great asset to labour unions. One can work for labour unions as a researcher, consultant, manager and labour rights activist. Another area, in which you can make a career with the help of Labour Economics degree is public health. In this sector, one can be employed in government organisations for labour welfare projects or join non-government organisations working for welfare of labour force.
Teaching and Research are other good career options in this 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.
FAQs on Labour Economics
Q: What is Labour Economics?
Q: Which courses are available for Labour Economics?
Q: What is the eligibility criteria for pursuing Labour Economics?
Q: What is taught in a Labour Economics course?
Q: Can I pursue Labour Economics in part-time mode?
Q: What are the career options in Labour Economics?
Q: I want to make a career in Labour Economics. Which course should I opt for in Class 11?
Q: Which course should I opt for in UG and PG for a PhD in Labour Economics?
Q: What is the role of a labour economist?
Q: What is the duration of a Labour Economy course?
Q: I have a bachelor’s degree in Arts. Can I pursue Labour Economics in MA?
Popular Labour Economics Colleges in India
Popular Private Labour Economics Colleges in India
Popular Labour Economics PG Courses
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