Sociology 2145B Lecture 5: Labour Markets

• School: Western University
• Department: Sociology
• Course: Sociology 2145B
• Professor: Jonathan Amoyaw

Document Summary

Labour markets: opportunities and inequality chapter 5. What are labour markets? (cid:862)a(cid:374) a(cid:396)e(cid:374)a i(cid:374) (cid:449)hi(cid:272)h e(cid:373)plo(cid:455)e(cid:396)s seek to pu(cid:396)(cid:272)hase la(cid:271)ou(cid:396) f(cid:396)o(cid:373) pote(cid:374)tial e(cid:373)plo(cid:455)ees (cid:449)ho a(cid:396)e seeki(cid:374)g jobs suitable to their education, experience, and preferences: employers pay, Investment in education and training (human capital) = better jobs (higher return) Job rewards are determined by its economic contribution and how risky they are. Individuals choose among work options, and settle for the best job. All potential employees have equal access to job openings. Pe(cid:396)fe(cid:272)t (cid:272)o(cid:373)petitio(cid:374) fo(cid:396) good i(cid:374) a(cid:374) (cid:862)ope(cid:374)(cid:863) la(cid:271)ou(cid:396) (cid:373)a(cid:396)ket (cid:894)e. g. , full i(cid:374)fo(cid:396)(cid:373)atio(cid:374) a(cid:271)out a(cid:448)aila(cid:271)le jo(cid:271)s(cid:895) Thus, best people match to best jobs: fair process (a (cid:862)(cid:373)e(cid:396)ito(cid:272)(cid:396)a(cid:272)(cid:455)(cid:895, to get ahead obtain more education, result in efficient and productive economy and fair allocation of job rewards. Overlooks the demand-side of the labour market* (emphasizes the supply side of the labour market at the expense of the demand side) The hct focuses on the characteristics of individuals.