The labor market affects the welfare of every individual directly. Hence, the analysis of labor markets is of importance and interest not only to economists but to the population at large. Labor economics is a very challenging and a stimulating area in economics due to the special characteristics of the labor market. For example, different to capital, workers are not commodities with fixed characteristics and make decisions about the nature of their participation in the labour market. Institutions affect the labour market much more than any other market.

Detailed module description in the Module Handbook.