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SummaryCh01 - S u m m ar y There are three main groups of...

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Summary There are three main groups of actors in the labour market: individuals, firms, and the government. Individuals make decisions concerning how they will earn a living:whether and how much to work, what type of work they will do, and what kinds of skills they will acquire in order to work. Firms make decisions about how much and what type of labour they will hire.Governments set various poli- cies, many of which have direct implications for the decisions of individuals and firms, and also affect the operation of the labour market itself. While there are many dimensions to the decisions made by these actors, we can distill the outcomes of the decisions to individual outcomes, especially concerning earnings, employment (or hours), and wages. Preliminary explorations with individual- level data show considerable dispersion in these outcomes for Canadians, and systematic differ- ences between men and women.These empirical features, or “labour market facts,” merit further investigation in this book.
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