Labour_or_Labor

Labour, or labor is a measure of the work done by human beings. Wage is a basic compensation for labour, and the compensation for labour per period of time is referred to as the wage rate.

In Marxian economics, the aim of labour economics is to provide insight and guidance for the optimal allocation of cooperative human labour. Marxian economists believe that ultimately the most desirable form of labour organization in the workplace is where workers manage themselves collectively, and elect managers where necessary. However, labour economics has a political dimension insofar as different workers and employers have different interests. There is a workers' point of view and an employer's point of view.