Scribd Logo
Hochladen

Willkommen bei Scribd!

  • Econ 460: Lecture 1 Introduction To Labour Economics

    Hochgeladen von

    YoYo
    15 Ansichten13 Seiten
    This document provides an introduction to the key concepts and topics covered in Labour Economics. It defines labour economics as the systematic study of the world of work and pay, including factors like how people earn a living and how wages are determined. Labour economics is important to understand because the labour market is a major economic resource and source of income. Public policies often aim to influence labour market outcomes in areas like minimum wage, employment standards, and unionization. The document outlines analytical tools used in labour economics like consumer theory and production functions. It also defines important labour force concepts such as labour force participation rate and unemployment rate, and how these are measured in Canada.

    Originalbeschreibung:

    2016 ECON 460 lecture 1

    Originaltitel

    460_lec1_2016

    Copyright

    © © All Rights Reserved

    Verfügbare Formate

    PDF, TXT oder online auf Scribd lesen

    Stufen Sie dieses Dokument als nützlich ein?

    Sind diese Inhalte unangemessen?

    Dieses Dokument melden
    This document provides an introduction to the key concepts and topics covered in Labour Economics. It defines labour economics as the systematic study of the world of work and pay, including factors like how people earn a living and how wages are determined. Labour economics is important to understand because the labour market is a major economic resource and source of income. Public policies often aim to influence labour market outcomes in areas like minimum wage, employment standards, and unionization. The document outlines analytical tools used in labour economics like consumer theory and production functions. It also defines important labour force concepts such as labour force participation rate and unemployment rate, and how these are measured in Canada.

    Copyright:

    © All Rights Reserved
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    15 Ansichten13 Seiten

    Econ 460: Lecture 1 Introduction To Labour Economics

    Hochgeladen von

    YoYo
    This document provides an introduction to the key concepts and topics covered in Labour Economics. It defines labour economics as the systematic study of the world of work and pay, including factors like how people earn a living and how wages are determined. Labour economics is important to understand because the labour market is a major economic resource and source of income. Public policies often aim to influence labour market outcomes in areas like minimum wage, employment standards, and unionization. The document outlines analytical tools used in labour economics like consumer theory and production functions. It also defines important labour force concepts such as labour force participation rate and unemployment rate, and how these are measured in Canada.

    Copyright:

    © All Rights Reserved
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 13

    Econ460

    Lecture1
    IntroductiontoLabour Economics

    WhatisLabour Economics?
    Systematicstudyoftheworldofworkandpay
    Fieldthatanalysessuchfactorsas:
    howpeopleearnaliving
    howtheyallocatetheirtimetoworkandnon
    workactivities
    howtheirwages,employmentandworking
    conditionsaredetermined

    Whystudylabour economics?
    Importantmarkettounderstand
    Labour akeyeconomicresource(majorfactorof
    production) muchlargershareoftotalnational
    incomethanotherfactorsofproduction
    Labour marketearningsismainsourceofincome
    andconsumptionformostindividualsand
    families
    Labour indispensibleinmanyproduction
    processes
    Manypublicpoliciesattempttoinfluencelabour
    marketoutcomes

    Publicpoliciesandlabour markets
    Minimumwagelaws
    Employmentstandardslegislation(child
    labour laws,hoursofworkregulations,
    statutoryholidays,overtimepay,etc)
    Employmentprotectionlegislation(notice
    provisionsforlayoffs,severancepay)
    Workplacehealthandsafetyregulation
    Lawsregulatingunionizationandcollective
    bargaining

    Publicpoliciesandlabour markets

    Income(Social)Assistance(orWelfare)
    UnemploymentInsurance(EIinCanada)
    PayEquity/ComparableWorth
    HumanRights/Discriminationlegislation
    ImmigrationandCitizenshiplaws
    RetirementandPensionlaws
    CompulsorySchoolingLaws
    DayCare/ChildCare/EarlyChildhood
    Development

    Distinctivefeaturesoflabourmarket
    Individuals(andhouseholds)aresellers,firms
    (andotherorganizations)arebuyers
    Labourdemand aderiveddemand,derived
    fromdemandforproductsproducedbyfirms
    Laboursupply determinedbyindividual
    preferencesbetweenconsumptionandtime
    devotedtononmarketactivity(leisure)
    Labourinputphysicallyinseparablefromowner
    ofresource suggestsnonmonetaryfactorsmay
    mattermorethanforotherinputs

    Analyticaltoolsandconceptsrequired

    TheoryofConsumer/Householdpreferences
    Constructionofbudgetsets/constraints
    Optimizationsubjecttoconstraints
    Comparativestatics
    Productionfunctions,isoquants,isoprofit
    functions,substitutionandcomplementarity
    inproduction

    Statisticaltoolsandconceptsrequired
    Basicstatistics:distributionsofrandomvariables,
    measuresofcentraltendency,measuresof
    dispersion
    Multivariateregression:specificationof
    regressionequations,interpretationofestimated
    coefficients
    Hypothesistesting,statisticalsignificance,
    standarderrors,confidenceintervals
    Propertiesofregressionestimates:bias,
    consistency,minimumvariance

    KeyLabour ForceConcepts
    Adultpopulation(potentiallabour force
    participants):civilian,noninstitutional
    population15yearsandover(excluding
    territoriesandthoselivingonreserves)
    Adultpopulationclassifiedinto3groups:
    Employed(E)
    Unemployed(U)
    Notinlabour force(NLF)

    Labour force=E+U
    ParticipationRate=LF/POP=(E+U)/POP

    KeyLabour ForceConcepts
    Unemploymentrate=U/LF=U/(E+U)
    Employmentrate=E/Pop
    DataforCanadaNovember2015:

    Adultpopulation:29.4million
    Labour force:19.4m
    Notinlabour force:10.0m
    Employment18.0m
    Unemployment1.4m
    LFPR=19.4/29.4=65.8
    Unem rate=1.4/19.4=7.1
    Emp rate=18.0/29.4=61.2

    MeasuringLabour ForceActivity
    MonthlyLabour ForceSurvey(LFS)mainsource
    Householdsurveyof50,000+households
    Datarefertoactivitiesinthereferenceweek
    Rotationgroupfeature(6rotationgroups)
    Whenappropriatelyweighted,dataare
    representativeoftheCanadianpopulation
    FordetailsseeGuidetotheLabour Force
    Surveyavailableatwww.statcan.ca

    Measurementofunemployment
    DistinguishingbetweenUandNLFmostcontroversial
    TobeclassifiedasU,individualsmustbe(i)not
    employed,(ii)availableforworkinreferenceweek,(iii)
    activelysearchedforworkinpastmonth
    Exceptionsare:thoseontemporarylayoffsandthose
    withjobtostartwithinnextmonth
    LFSalsoasksaboutdesireforworkamongnon
    searchersandreasonfornotsearching
    StatCan alsoproduces8alternativemeasuresof
    unemploymentincludinggroupssuchasdiscouraged
    workersandinvoluntaryparttime

    Readingsfornextclass
    BGLR,ch.1,pp119
    Carefullyreview:Summaryofregression
    analysisBGLRCh.1,pp2029
    BGLR,ch.2,toatleastp.39

    Das könnte Ihnen auch gefallen