Korea University Graduate School of Labor Studies

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Graduate School of Labor Studies

Labor Economics

Labor Economics

Economics is the study of the choices made by economic players such as consumers, producers, and the government in situations where resources are limited. Labor demand occurs because consumers can earn profits from producing and selling desired products, and labor supply occurs because the income earned through work can be used for consumption to obtain utility.

Labor Economics studies topics such as producers' labor demand, workers' labor supply, employment and wage decisions in the labor market, compensatory wage gaps, investment in human capital such as education and training, information asymmetry between labor demanders and labor suppliers, discrimination against specific groups, job search and unemployment, understanding trade unions, and the government's role in addressing income inequality and poverty.

In order to properly understand social phenomena and present reasonable alternatives, it is essential to quantitatively evaluate the situation in the labor market using actual data and estimate the effectiveness of economic policies with specific figures. In addition to the theory of labor economics, the educational content of the Department of Labor Economics emphasizes basic methodologies of statistics and econometric data, as well as empirical analysis using cross-sectional data and panel data.

The Department of Labor Economics aims to cultivate labor economy experts who have both in-depth economic thinking and systematic analysis skills. If you are interested in objectively understanding and empirically analyzing labor market phenomena, or if you are working in fields that require economists such as government/relationships and various administrative agencies or media, the Department of Labor Economics may be an appropriate option.