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Labor Markets

In: Macroeconomic Analysis for Economic Growth

Author

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  • Meng Sun

Abstract

What is the labor market? Like the goods and services markets, a labor market consists of the supply and demand sides. In the labor market, while workers supply labor, firms demand labor. This chapter studies the backward-bending nature of the labor supply curve and the downward-sloping nature of the labor demand curve. We also analyze the labor market equilibrium in a perfectly competitive labor market. Several policies such as immigration and minimum wage will be introduced to illustrate how government policies affect the labor market equilibrium.

Suggested Citation

  • Meng Sun, 2022. "Labor Markets," Chapters, in: Musa Jega Ibrahim (ed.), Macroeconomic Analysis for Economic Growth, IntechOpen.
    • Handle: RePEc:ito:pchaps:243405
    DOI: 10.5772/intechopen.101687
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    More about this item

    Keywords

    labor market; labor demand; labor supply; labor market equilibrium; policies;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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