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Secondary Labor Market
The secondary labor market is the labor market consisting of high- turnover, low-pay, and usually part-time or temporary work. Sometimes, secondary jobs are performed by high school or college students. The majority of service sector, light manufacturing, and retail jobs are considered secondary labor. Secondary market jobs are sometimes referred to as “food and filth” jobs, a reference to workers in fast food, retail, or yard work, for example. A secondary-market job is distinct from a "secondary worker". The latter term refers to someone in a family (traditionally, the wife or a child) who earns a smaller income than the "breadwinner" in order to supplement family income. Challenge to economics The existence of the secondary labor market challenges classical explanations of the functioning of the labor market. Classical and neoclassical economists conceived of the labor market as a commodity market: the concurrent interaction of labor supply (rational workers seeking their ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market (economics)
In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods. Markets generally supplant gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for sale (local produce or stock registration). Markets can dif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Economics
Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand). Adam Smith's ''The Wealth of Nations'' in 1776 is usually considered to mark the beginning of classical economics.Smith, Adam (1776) An Inquiry into the Nature and Causes of The Wealth of Nations. (accessible by table of contents chapter titles) AdamSmith.org The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income. This income was in turn based on the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Underemployment
Underemployment is the underuse of a worker because a job does not use the worker's skills, is part-time, or leaves the worker idle. Examples include holding a part-time job despite desiring full-time work, and overqualification, in which the employee has education, experience, or skills beyond the requirements of the job. Underemployment has been studied from a variety of perspectives, including economics, management, psychology, and sociology. In economics, for example, the term underemployment has three different distinct meanings and applications. All of the meanings involve a situation in which a person is working, unlike unemployment, where a person who is searching for work cannot find a job. All meanings involve under-utilization of labor which is missed by most official (governmental agency) definitions and measurements of unemployment. In economics, underemployment can refer to: # "Overqualification", or "overeducation", or the employment of workers with high education ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Temporary Work
Temporary work or temporary employment (also called gigs) refers to an employment situation where the working arrangement is limited to a certain period of time based on the needs of the employing organization. Temporary employees are sometimes called "contractual", "seasonal", "interim", "casual staff", "outsourcing", " freelance"; or the words may be shortened to "temps". In some instances, temporary, highly skilled professionals (particularly in the white-collar worker fields, such as human resources, research and development, engineering, and accounting) refer to themselves as consultants. Increasingly, executive-level positions (e.g. CEO, CIO, CFO, CMO, CSO) are also filled with Interim Executives or Fractional Executives. Temporary work is different from secondment, which is the assignment of a member of one organisation to another organisation for a temporary period, and where the employee typically retains their salary and other employment rights from their primary o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Primary Labor Market
Primary or primaries may refer to: Arts, entertainment, and media Music Groups and labels * Primary (band), from Australia * Primary (musician), hip hop musician and record producer from South Korea * Primary Music, Israeli record label Works * ''Primary'' (album) by Rubicon (2002) * "Primary" (song) by The Cure * "Primary", song by Spoon from the album ''Telephono'' Other uses in arts, entertainment, and media * Primaries or primary beams, in E. E. Smith's science-fiction series ''Lensman'' * ''Primary'' (film), American political documentary (1960) Computing * PRIMARY, an X Window selection * Primary data storage, computer technology used to retain digital data * Primary server, main server on the server farm Education * Primary education, the first stage of compulsory education * Primary FRCA, academic examination for anaesthetists in the U.K. * Primary school, school providing primary education Mathematics * p-group, ''p''-group of prime power order * Primary decomp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Market Segmentation
Labor market segmentation is the division of the labor market according to a principle such as occupation, geography and industry. One type of segmentation is to define groups "with little or no crossover capability", such that members of one segment cannot easily join another segment. This can result in different segments, for example men and women, receiving different wages for the same work. 19th-century Irish political economist John Elliott Cairnes referred to this phenomenon as that of "noncompeting groups". A related concept is that of a dual labour market (DLM), that splits the aggregate labor market between a primary sector and a secondary sector. Neoclassical economics The theory of labor market segmentation contrasts with neo-classical economic theory, which posits the existence of a unified market for labor, consisting of buyers and sellers in open competition. The labor market thus functions as do other markets. In this model, the difference between different worker ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ethnic Enclave
In sociology, an ethnic enclave is a geographic area with high ethnic concentration, characteristic cultural identity, and economic activity. The term is usually used to refer to either a residential area or a workspace with a high concentration of ethnic firms.Portes, Alejandro, and Leif Jensen. "Disproving the Enclave Hypothesis: Reply." ''American Sociological Review''. Vol. 57. no. 3 (1992): 418-420. Their success and growth depends on self-sufficiency, and is coupled with economic prosperity. The theory of social capital and the formation of migrant networks creates the social foundation for ethnic enclaves. Douglas Massey describes how migrant networks provide new immigrants with social capital that can be transferred to other tangible forms.Massey, Douglas S. "Annals of the American Academy of Political and Social Science." Annals of the American Academy of Political and Social Science. Vol. 510. World Population: Approaching the Year 2000 (Jul., 1990): pp. 60. As immigran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Capital
Human capital is a concept used by social scientists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings. Research indicates that human capital investments have high economic returns throughout childhood and young adulthood. Companies can invest in human capital, for example, through education and training, enabling improved levels of quality and production. As a result of his conceptualization and modeling work using Human Capital as a key factor, the 2018 Nobel Prize for Economics was jointly awarded to Paul Romer, who founded the modern innovation-driven approach to understanding economic growth. In the recent literature, the new concept of task-specific human capital was coined in 2004 by Robert Gibbons, an economist at MIT, and Michael Waldman, an economist at Cornell University. The concept emphasizes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ethnic Enclave
In sociology, an ethnic enclave is a geographic area with high ethnic concentration, characteristic cultural identity, and economic activity. The term is usually used to refer to either a residential area or a workspace with a high concentration of ethnic firms.Portes, Alejandro, and Leif Jensen. "Disproving the Enclave Hypothesis: Reply." ''American Sociological Review''. Vol. 57. no. 3 (1992): 418-420. Their success and growth depends on self-sufficiency, and is coupled with economic prosperity. The theory of social capital and the formation of migrant networks creates the social foundation for ethnic enclaves. Douglas Massey describes how migrant networks provide new immigrants with social capital that can be transferred to other tangible forms.Massey, Douglas S. "Annals of the American Academy of Political and Social Science." Annals of the American Academy of Political and Social Science. Vol. 510. World Population: Approaching the Year 2000 (Jul., 1990): pp. 60. As immigran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity Market
A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Futures contracts are the oldest way of investing in commodities. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodity market for centuries for price risk management. A financial derivative is a financial instrument whose value is derived from a commodity termed an underlier. Derivatives are either exchange-traded or over-the-counter (OTC). An increasing number of derivatives are traded via clearing houses some with central counterparty clearing, which provide clearing and settlement services on a futures exchange, as well as off-exchange in the OTC market. Derivatives such as futures contracts, Swaps (1970s-), Exchange-traded C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory, a theory that has come under considerable question in recent years. Neoclassical economics historically dominated macroeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s to the 1970s.Clark, B. (1998). ''Principles of political economy: A comparative approach''. Westport, Connecticut: Praeger. Nadeau, R. L. (2003). ''The Wealth of Na ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Economics
Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand). Adam Smith's ''The Wealth of Nations'' in 1776 is usually considered to mark the beginning of classical economics.Smith, Adam (1776) An Inquiry into the Nature and Causes of The Wealth of Nations. (accessible by table of contents chapter titles) AdamSmith.org The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income. This income was in turn based on the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
