Estimation of the Economic Opportunity Cost of Labour: An Operational Guide for Ghana

Glenn Jenkins (), Richard Sogah, Abdallah Othman, Mikhail Miklyaev and Çagay Coskuner
Additional contact information
Richard Sogah: Eastern Mediterranean University
Abdallah Othman: Cambridge Resources International Inc.
Çagay Coskuner: Eastern Mediterranean University

No 1513, Working Paper from Economics Department, Queen's University

Abstract: The implementation of projects often affects employment through direct job creation, indirectly stimulating employment, or increasing labour force participation. These changes in employment have significant benefits and costs to both labour and society. However, the estimation of job creation benefits is challenging because of the large diversities in labour inputs. We attempt to address this issue by using the supply price approach to develop an analytical framework based on sound microeconomic principles to assist project analysts to arrive at justifiable empirical estimates of the economic opportunity cost of labour for a wide range of labour types across a set of diverse situations and market conditions in Ghana. Accordingly, the economic opportunity cost of labour will vary by skill, location, and labour market conditions that need to be incorporated into its estimation. In this analysis, the estimation has been carried out to quantify the economic opportunity cost of labour, as well as the labour externalities corresponding to the two broad categories of labour: skilled and unskilled. Similarly, these estimates refer to groups of labour according to areas of residence: rural and urban.

Keywords: Renewable Energy Subsidy; Distributed Energy Resources; Feed-in Tariff; Stakeholder Analysis; Benefit-cost Analysis; Ontario; Canada (search for similar items in EconPapers)
JEL-codes: D61 O2 Q42 Q48 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2023-07
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https://www.econ.queensu.ca/sites/econ.queensu.ca/files/wpaper/qed_wp_1513.pdf First version 2023 (application/pdf)

Related works:
Journal Article: Estimation of the Economic Opportunity Cost of Labour: An Operational Guide for Ghana (2023)
Working Paper: Estimation of the Economic Opportunity Cost of Labour: An Operational Guide for Ghana (2023)
Working Paper: Estimation of the Economic Opportunity Cost of Labor: An Operational guide for Ghana (2022)
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