Labour economists study the economic forces that determine wages and employment. The major objective of this course is to impart knowledge about the dynamics of labour market. This course emphasizes the power of microeconomic reasoning to answer important economic questions. Topics covered include: approaches to labor supply and family coordination of time allocation and commodity demand, incorporating gender and generational bargaining; human capital, job tenure, union status, and discrimination as wage determinants; wage inequality, minimum wages, unions, immigration, and interpretation of compensating variations in wages, job and location amenities. Issues pertaining to the labour market, wage theories, employment policies, trade unions and collective bargaining in the globalized economy have become vitally important for developing countries. In a country like India where the bulk of the labour force is in theunorganized sector and the organized sector is witnessing jobless” growth, the importance of issues such as employment and unemployment as well as livelihood and social security for the growing millions continues to assume significance. This course exposes students to theoretical as well as empirical issues relating to the labour market. The objective of the course is to provide an empirical understanding of the labour market and enable the students to understand applications of formal theoretical models in labour economics to the Indian labour market.
- Campbell R. McConnell, Stanley L. Brue and David A. Macpherson (2017): Contemporary Labor Economics, 11th Edition, McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121.
- George J. Borjas (2016): Labor Economics 7th Edition, McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121.
- J.E. King (2000): Labour Economics.2nd Ed, Macmillan Education.
- Pierre Cahuc, Stéphane Carcillo, André Zylberberg (2014): Labor Economics,2nd Ed,MIT Press.
- Ronald G. Ehrenberg and Robert S. Smith (2012): Modern Labor Economics: Theoryand Public Policy, 11th Edition, Prentice Hall.
- Stephen Smith (2003): Labour Economics, 2nd Ed, Routledge.