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This finished textbook on body of workers economics is the 1st of its style to be written on the subject of imperfect markets. construction on conventional research which assumes completely aggressive labour markets, this publication introduces scholars to the foremost team of workers concerns confronted while businesses and administration act in hugely regulated markets.
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Additional info for Personnel Economics in Imperfect Labour Markets
Blue collars are more productive if there are more engineers. Further, no output can be obtained if no engineers and/or blue collars are around. In this case we say that the factors of production are interdependent, or imperfect substitutes. The formal concept that we use to illustrate the relationship between different input combination and output is the isoquant. The isoquant describes the combination of skilled and unskilled labour that yields the same amount of output. Note that the isoquant is a pure technological concept, and it has no reference whatsoever to the cost of the two types of labour.
In other words, the ﬁrm must decide the skill composition of its workforce. 2. The ﬁrm decides how to combine hours and employment for any given amount of labour. This implies solving the hours/employment trade-off. 3. The ﬁrm decides how much output to produce. The key personnel policies at the hiring stage are the ﬁrst two. In this chapter we analyse the ﬁrst one. In the next chapter, we analyse the second one. The pricing and quantity decision of the ﬁrm problem is certainly a key managerial decision, but is not the topic of personnel economics, while it is the key focus of industrial economics.
In this chapter we analyse the ﬁrst one. In the next chapter, we analyse the second one. The pricing and quantity decision of the ﬁrm problem is certainly a key managerial decision, but is not the topic of personnel economics, while it is the key focus of industrial economics. 3 The Optimal Skill Ratio: Key Concepts As we argued above, in this chapter we only focus on the skill combination and we ignore the distinction between hours and employment. This means that the cost of labour we consider is simply the wage to be paid to each employee, without any additional cost.