This course introduce students to the basic understanding of factors affecting the efficient use and allocation of human resources, factors determining the quality and quantity of human resources i.e., investment in health and education, etc. and the impacts of these have on human resource market structure, wage structure, wage differentials and worker mobility which ultimately results in economic growth for the country measured either by Gross Domestic Product (GDP) or Gross National Product (GNP). The topics covered include demand and supply of human resources, perfect and imperfect labour markets which may cause unemployment, worker mobility and worker remittances and income inequality are discussed.
The importance of human resource as valuable asset is emphasised which possess unique qualities that can determine the success of any organizations and nations competing in the global marketplace today. A global market that has become more competitive as a result of the forces of globalization. Various economic concepts are used to make a distinction between the concept of labour which is subject to the traditional economic principles of laws of scarcity and diminishing returns compared with the newer concepts of human resources and human capital which identifies the unique qualities (i.e., proprietary knowledge of producing a product) embodied in the worker which does not diminish but expands with use over time and which determines the success of organisations in the 21st Century.
Prerequisites: 3.10301
Main Text Book: Ehrenberg R and Smith R, “Modern Labour Economics, Theory and Practice “(2012) Prentice Hall, London, UK
Assessment: Continuous 50% + Final Examination 50%