Personnel Economics In Imperfect Labour Markets
personnel economicsimperfect labour marketslabor market imperfectionshuman resource economicsemployment market analysis
Personnel economics examines the economic principles governing human resource management decisions, especially within imperfect labour markets where factors like information asymmetry, search costs, and market power impact wages and employment. This field provides critical insights into optimizing compensation structures, incentive systems, and employment contracts under realistic market conditions, moving beyond the assumptions of perfect competition to understand true labour market dynamics.