Labour Economics and Public Policy

Managing the Labour Markets for Competitiveness

This book serves as a textbook on labour economics and public policy in labour markets.

It also shows how Singapore has been successful in establishing a world class labour market. One attribute of such a labour market is the high purchasing power of wages for the average worker for essentials such as housing, healthcare, quality education for children and retirement consumption, which motivates Singaporeans to work hard. The second attribute is a macro-focused labour union that works closely with the government, and is able to prevent excessive wage increase.

Contents:

• Labour Markets and Competitiveness
• The Basic Model of Labour Supply
• The Life Cycle, the Family and Labour Supply
• Wage Subsidy and Labour Supply
• Demand Curve for Labour
• Labour Markets and Public Policy
• Monopsony in the Labour Markets
• Wages and Incentive Pay
• Economics of Labour Unions
• Economics of Macro-focused Unions
• Human Capital
• Labour Market Discrimination and Values in Society
• Employment and Unemployment
• Economic Inequality
• Labour Income and Savings in Singapore
• Moving Up the Value Chain

Readership: Students and researchers who are interested to understand Singapore's public policy in labour markets.Key Features:

• It shows that Singapore's labour market is world class. This book shows why wages are high and yet unit labour cost is not high
• For the average worker in Singapore, the purchasing power of wages in good in buying the essential goods such as housing, healthcare and quality education