Abstract
The objective of this study were 1) to study the structure of the labor market and wage determination in economics, 2) To calculate the conversion price of shadow wages in order to analyze the economic value of labor. This is how the mix. Using data from every critical landscape and interviewed scholars. Officer and Office of the National Economic and Social Development Board Bank of Thailand The concept of economics at the World Bank. By creating the equation Multiple regression 9 wages overall economics. Wage Group, the eight groups from the calculation of the flexibility of the labor market The value of the increased productivity of labor or the value of marginal product of labor : VMPL and Production Function of labor and capital that market. workers in non-competitive. Labor demand (employers) have the authority to set wages higher than the supply (employees) pay lower than market economics, wages or wage should be in a competitive economy. Therefore, the Government will intervene regularly.Which affects the movement of workers from neighboring countries to work in the labor market in the country even more.The calculation of wages and market wages should be.(Wages Economist) Wages should be 403.75 and Market wage (baht / day) 266.15 for The Country, Wages should be 84.82 and Market wage (baht / day) 114.73 for Agriculture, Wages should be 803.43 and Market wage (baht / day) 304.87 for Minerals and Coal, Wages should be 553.13 and Market wage (baht / day) 229.48 for Industry, Wages should be 144.99 and Market wage (baht / day) 176.71 for Construction,Wages should be 520.27 and Market wage Market wage (baht / day) 613.28 for Transportation, Wages should be 267.844 and Market wage (baht / day) 418.30 for Electricity and water Supply, Wages should be 182.601 and Market wage (baht / day) for Transportation Commercial,Wages should be 85.032 and Market wage (baht / day) 248.55 for service group.
Highlights
VMPL = The value of the increased productivity of labor
Results of the analysis showed that demand for labor in the labor market are mostly private
Wages should be or economics is paid wages that workers receive the equivalent value of labor makes to the lockout
Summary
In-Text Citation: (Prapinit, Bungkerd, & Melan, 2019) To Cite this Article: Prapinit, P., Bungkerd, A., & Melan, M. (2019). In-Text Citation: (Prapinit, Bungkerd, & Melan, 2019) To Cite this Article: Prapinit, P., Bungkerd, A., & Melan, M. Labor Market and Economic Wage in Thailand. International Journal of Academic Research in Business and Social Sciences, 9(6), 653–663. Vol 9, No 6, 2019, Pg. 653 - 663 http://hrmars.com/index.php/pages/detail/IJARBSS
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