Human Capital

Soon Beng Chew

Chapter 11 in Labour Economics and Public Policy:Managing the Labour Markets for Competitiveness, 2017, pp 161-175 from World Scientific Publishing Co. Pte. Ltd.

Abstract: When a jobseeker looks for a job, he offers a set of skills for sales in the labour market. He hopes that a prospective employer might find his skills useful as a factor of production. In Chapter 2, we showed that the jobseeker would want to maximize his utility given his skill set and utility function. In the chapter on unemployment, we will show how a jobseeker can look for the best wage offer. But in this chapter, we focus on the skill sets. If the jobseeker has no skills, he is said to offer a warm body in the labour market. His labour supply curve in terms of hours will be horizontal at the subsistence wage with no worker surplus. If a jobseeker has good skills, his labour supply curve has a positive slope with large worker surplus.

Keywords: Labour Market Competitiveness; Labour Unions; Macro-Focused Union; Union Social Responsibility; Union as a Public Good (search for similar items in EconPapers)
JEL-codes: J08 (search for similar items in EconPapers)
Date: 2017
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