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 …

Surplus labour (German: Mehrarbeit) is a concept used by Karl Marx in his critique of political economy. It means labour performed in excess of the labour necessary to produce the means of livelihood of the worker ("necessary labour"). The "surplus" in this context means the additional labour a worker has to do in their job, beyond earning ...

New Keynesian economics is a school of macroeconomics that strives to provide microeconomic foundations for Keynesian economics.It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroeconomics.. Two main assumptions define the New Keynesian approach to macroeconomics.

Labour Force Surveys are statistical surveys conducted in a number of countries designed to capture data about the labour market.All European Union member states are required to conduct a Labour Force Survey annually. Labour Force Surveys are also carried out in some non-EU countries. They are used to calculate the International Labour Organization (ILO)-defined …

The Hawala, an early informal value transfer system, has its origins in classical Islamic law, and is mentioned in texts of Islamic jurisprudence as early as the 8th century. Hawala itself later influenced the development of the agency in common law and in civil laws such as the aval in French law and the Cavallo in Italian law. The words aval and Cavallo were themselves …

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 …

The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of "socially necessary labor" required to produce it.. The LTV is usually associated with Marxian economics, although it originally appeared in the theories of earlier classical economists such as Adam Smith and David …

Agricultural economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber products. Agricultural economics began as a branch of economics that specifically dealt with land usage.It focused on maximizing the crop yield while maintaining a good soil ecosystem. ...

The Labour Party (Irish: Páirtí an Lucht Oibre, literally "Party of the Working People") is a centre-left and social-democratic political party in the Republic of Ireland. Founded on 28 May 1912 in Clonmel, County Tipperary, by James Connolly, James Larkin, and William O'Brien as the political wing of the Irish Trades Union Congress, it describes itself as a "democratic socialist party" in ...

Consumption is the act of using resources to satisfy current needs and wants. It is seen in contrast to investing, which is spending for acquisition of future income. Consumption is a major concept in economics and is also studied in many other social sciences.. Different schools of economists define consumption differently. According to mainstream economists, only the final …