- published: 25 Jul 2013
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Labor economics seeks to understand the functioning and dynamics of the markets for labour. Labor markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labor services (workers), the demands of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income.
In economics, labor is a measure of the work done by human beings. It is conventionally contrasted with such other factors of production as land and capital. There are theories which have developed a concept called human capital (referring to the skills that workers possess, not necessarily their actual work), although there are also counter posing macro-economic system theories that think human capital is a contradiction in terms.
Wage is a basic compensation for paid labor, and the compensation for labor per period of time is referred to as the wage rate. Other frequently used terms include:
Economists measure labor in terms of hours worked, total wages, or efficiency.
Avram Noam Chomsky (/ˈnoʊm ˈtʃɒmski/; born December 7, 1928) is an American linguist, philosopher,cognitive scientist, historian, and activist. He is an Institute Professor and Professor (Emeritus) in the Department of Linguistics & Philosophy at MIT, where he has worked for over 50 years. Chomsky has been described as the "father of modern linguistics" and a major figure of analytic philosophy. His work has influenced fields such as computer science, mathematics, and psychology.
Ideologically identifying with anarcho-syndicalism and libertarian socialism, Chomsky is known for his critiques of U.S. foreign policy and contemporary capitalism, and he has been described as a prominent cultural figure. His media criticism has included Manufacturing Consent: The Political Economy of the Mass Media (1988), co-written with Edward S. Herman, an analysis articulating the propaganda model theory for examining the media.
According to the Arts and Humanities Citation Index in 1992, Chomsky was cited as a source more often than any other living scholar from 1980 to 1992, and was the eighth most cited source overall. Chomsky is the author of over 100 books. He is credited as the creator or co-creator of the Chomsky hierarchy, the universal grammar theory, and the Chomsky–Schützenberger theorem.