The Sociology of Labor Markets

Abstract

The analysis of labor markets permits an understanding of the way macro forces associated with the economy of a society and elements of social structure impinge on the microrelations between employers and workers in determining various forms of inequality. definition of lm labour market is defined as the areas in which workers exchange their labor power in return for wages, status, and other job rewards. The concept, therefore, refers broadly to the institutions and practices that govern the purchase, sale, and pricing of labor services. These structures include the means by which workers are distributed among jobs and the rules that govern employment, mobility, the acquisition of skills and training, and the distribution of wages and other rewards obtained contigent upon participation in the economic system.