labour-market segmentation

labour-market segmentation
In essence, neo-classical economic theory sees a market for labour, with buyers and sellers in open competition with each other, which functions in broadly the same way as other markets. There are differences of course. It is recognized that labour is not a completely homogeneous commodity: workers differ in their tastes and preferences for leisure rather than work and for monetary rather than non-monetary rewards; they differ also in human capital, their investment in education and training, work skills, and experience. But it still makes sense to analyse labour supply and demand in the aggregate.

This model of the labour-market has been refined over the years to accommodate the fact that doctors and dress designers, for example, work in entirely different markets. The British economist Alfred [The entire page is 1311 words long]

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