V.Theory and practice of trade union management.
Nature of Labour Economics:-
Labour economics is in the process of development, its definitiontends to vary and change according to the nature of theeconomy and is supposed to indicate the criteria for delimitingits scope and enumerating and classifying the problems.I.The theoretical sectionII.The institutional section
A.The Theoretical Section:-
The theoretical section of labour economics is concerned withbuilding up of models of economic behavior by making differentsets of assumption.
B.The Institutional Section:-
The institutional section of labour economics is concerned withstudies of labour problems in an institutional historical content. The nature of the labour problems changes with the change inthe institutional framework of the economic systems.
Characteristics of Labour:-
According to Dr. Alfred Marshell, labour may be defined as “Anyexertion of mind or body undergone partly or wholly with a viewto have some good other than the pleasure derived directly fromthe work”.Characteristics are as follows:-1.Labour cannot be separated from the person who labours-In other words we can say that labour cannot be separatedfrom labourer body and personality. Thus, the environmentand the working conditions in which the worker has to workare of utmost important in the supply of labour.2.The worker sells his work services but he himself remainshis own property: - In the words of Marshell, “The workersells his work but he himself remains his own property. Thus, the supply of labour along with other things depends
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