SOC362H5 Study Guide - Canada Pension Plan, Robert Reich, Pension
Document Summary
We can define a labour market as the ground in which employers seek to purchase labour from potential employees who themselves are seeking jobs suitable to their education, experience, and preferences. Government legislation affects how labour markets operate minimum wage laws and legislation governs the activities of trade unions. Of particular interest to sociologists are the distributive aspects of the labour market. According to the human capital theory, jobs requiring more effort, training and skill typically receive greater rewards. This theory assumes that labour market participants compete openly for jobs and that the most qualified people end up in the jobs requiring their particular skills. However, a segmented labour market often allows the perpetuation of social inequalities. Since most workers are concerned about maintaining or improving their standard of living and quality of life, material or extrinsic job rewards are very important.
