Retrospective analysis of the definition of the concept “labour market”

The article discusses the main approaches of scholars of economics to the definitions of the concepts “market” and “labour market”, analyzes the views of representatives of classical, neo-classical school, monetarism, Marxism, interprets the Marxist theory of employment. It is revealed that the combination of views of representatives of the neoclassical direction of market theory and Marxist theory allows better understanding and explaining the value of the market as an efficient means of interrelationship between buyers and sellers. The author also discusses institutional theory, gives the definition of the concept “institution”. It was determined that the main challenge of the labour market is to ensure optimal mobility of the working population and the satisfaction of demand for labour. Taking into account the diversity of the concepts “labour market” and “labour force market”, the author defines their unity and contradictions. It was found that the identification of the essential characteristics of the labour market is provided by the existing research in the modern world and domestic literature approaches to the definition of the labor market, the structure and principles of its formation. It was found that the labour market is a very complex, multi-faceted system of social and legal relations and is seen as a sphere, mechanism, system, space. The author analyzes interpretations of the concept “labour market” by various academic economists, develops a comprehensive table of definitions of the concept “labour market”. The author found that neither of these definitions is not a “correct” or “incorrect” - each of them can be useful depending on the context, i.e. on what kind of processes are studied, which tasks are affected, and what conclusions and recommendations assumed to develop. The author suggests her own definition of the concept “labour market”.