Labour markets are extremely important for majority of individuals and aggregate economy as a whole. Operations of labour market determine standard of living and welfare of individuals as well as efficiency of the aggregate economy. Some argue that of the many markets that exist in a modern economy the market for labour is the most important.
Due to a special character and human dimension of labour services (e.g., “free will”, morale and motivation of workforce), the nature and operations of labour markets are very different from markets for other factors of production.
- Lecturer : oluchukwu anowor