Question

Question 26 10 pts What characteristics of the labour market make it distinctive from other markets, justifying a special sub-discipline of economics? What are the major implications of the neoclassical model of labour supply and demand? How realistic is this model? (5+3+2 = 10 points) Upload Choose a File

Answer 1

essential characteristic of the labour market of an expanding economy is that the vast majority of individuals are employees while relatively small minorities function either as employing persons or as employed managers of employing units. As the vast majorities are labours, they are interested in short-run wage-levels, working hours and working conditions.

neoclassical realism primarily aims at explaining the foreign policies of states by referring to both international and national (domestic) levels. By doing so, the supporters of neoclassical realism claim that this theory is able to fill in the gaps found in other versions of realism, especially with respect to previous failures in explaining and predicting foreign policy choices. More recently, neoclassical realism has evolved toward becoming both a “theory of foreign policy” and a “theory of international politics.”