Labour economics - The study of the labour force as an element in the process of production. The labour force comprises all those who work for gain, whether as employees, employers, or as self-employed, and it includes the unemployed who are seeking work. Labour economics involves the study of the factors affecting the efficiency of these workers, their deployment between different industries and occupations, and the determination of their pay. In developing models for the study of these factors, this section deals with the labour force of contemporary industrialized economies.
The economist cannot study the capabilities, jobs, and earnings of men and women without taking account of psychology, social structures, cultures, and the activities of government. Indeed, these forces often play a more conspicuous part in the field of labour than do the market forces with which economic theory is mainly concerned. The most important reason for this arises from the peculiar nature of labour as a commodity. The act of hiring labour, unlike that of hiring a machine, is necessary but not sufficient for the completion of work. Employees have to be motivated to work to an acceptable standard, and the employment contract is, in effect, open-ended. This may be no problem when employees are weak and easily replaced, but the more skilled, organized, and indispensable they are, the more the care that must be given to creating an institutional setting that will win their compliance and meet their notions of fairness. via Britannica
A smart city is an urban area that uses different types of electronic data collection sensors to supply information which is used to manage assets and resources efficiently. This includes data collected from citizens, devices, and assets that is processed and analyzed to monitor and manage traffic and transportation systems, power plants, water supply networks, waste management, law enforcement, information systems, schools, libraries, hospitals, and other community services. The smart city concept integrates information and communication technology (ICT), and various physical devices connected to the network (the Internet of things or IoT) to optimize the efficiency of city operations and services and connect to citizens. Smart city technology allows city officials to interact directly with both community and city infrastructure and to monitor what is happening in the city and how the city is evolving.