Labor Market

Abstract

[Excerpt] According to textbooks such as Ronald Ehrenberg and Robert Smith’s "Modern Labor Economics" (2005), a "labor market" is the place where labor services are bought and sold. The term "labor" is equated to the term "work", not only manual work but also knowledge work. Sometimes, the place where labor services are bought and sold is a clearly identifiable one such as a construction site or a lawyer’s office. Other times, the place is ill-defined, as for the work of most readers of this article, who are hired in one location and who perform labor services in a number of others, such as offices, libraries, home offices, airplane lounges, and hotel rooms.