Abstract

The present study explores the various attributes of labour market with an extensive literature support. The peculiarities of labour market distinguish it from other conventional markets. Studies have observed that labour market loses its market clearing characteristics due to its opaque nature and uncertain outcomes. With inherent complexities and rigidities, it is not possible to attain an equilibrium solution through conventional supply-demand mechanism. The theoretical context of labour market has been reviewed for a logical convergence. 

Key words: Labour market, labour vulnerability, downsizing, labour market literature, labour market information, labour market process, labour market function, non-competing groups.