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03.02.

2016

IntroductiontoLabor WhyStudyLaborEconomics
Economics
Humanresourcesallocatesubstantialtimeand
energytolabormarkets.
Laboreconomicsstudieshowlabormarkets
work.
Laboreconomicshelpsusunderstandand
addressmanysocialandeconomicproblems
facingmodernsocieties.

Chapter1
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BasicsoftheLaborMarket ThreeActors
Participantsareassignedmotives: Workers
Workerslookforthebestjob. Themostimportantactor;withoutworkers,thereisno
Firmslookforprofits. labor.

Governmentusesregulationtoachievegoalsofpublic Desiretomaximizeutility(i.e.,tooptimizebyselectingthe
policy. bestoptionfromavailablechoices).
Minimumwages
Suppliesmoretimeandeffortforhigherpayoffs,causing
Occupationalsafety
anupwardslopinglaborsupplycurve.

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ThreeActors ThreeActors
Firms Government
Decidewhotohireandfire. Imposestaxes,regulations.

Motivatedtomaximizeprofits. Providesgroundrulesthatguideexchangesmadeinlabor
markets.
Relationshipbetweenpriceoflaborandthenumberof
workersafirmiswillingtohiregeneratesthelabor
demandcurve.

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03.02.2016

WhyDoWeNeedaTheory Positivevs.NormativeEconomics
Explainandunderstandhowlabormarkets Positiveeconomics
work. Addressesthefacts
Focusonwhatis
Focusontheessentialvariableswhileleaving Questionsansweredwiththetoolsofeconomists
outother,lesscrucial,factors.
Normativeeconomics
Addressesvalues
Createamodelthathelpsexplainthetheory.
Focusonwhatshouldbe
Requiresjudgments

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SupplyandDemandintheEngineering TheAlaskanLaborMarketand
LaborMarket ConstructionoftheOilPipeline
Earnings ($)
Earnings ($)
Labor Supply
Curve S0

50,000

Equilibrium w1
40,000

w0 D1
Labor Demand
Curve
30,000
D0

10,000 20,000 30,000 Employment


Employment
E0 E1

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WagesandEmploymentintheAlaskan
Summary
LaborMarket,19681984
Laboreconomicsstudieshowlabormarkets
work.
Modelsinlaboreconomicstypicallycontainthree
actors:workers,firms,andgovernments.
Agoodtheoryshouldhaverealisticassumptions
andcanbetestedwithrealworlddata.
Thetoolsofeconomicsarehelpfulinanswering
positivequestions.

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WhereAreWeGoing? Appendix:RegressionAnalysis
Workersupplydecisions Log Wage

Firmdemanddecisions
Labormarketequilibrium
Differencesinjobcharacteristics
Differencesinworkercharacteristics Change in log
wage
Labormobility
Labormarkerdiscrimination Slope =


Unionization
Incentivepayschemes Change in
Years of Schooling

schooling
Unemployment
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ScatterDiagram:WagesandSchooling ChoosingAmongLinesSummarizing
byOccupation,2001 TrendsinData

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TheBestFitRegressionLine MultipleRegression
Extendingregressionanalysistoinclude
multipleindependentvariables
Eachestimatedcoefficientshowstheimpact
ofaparticularvariableonthedependent
variable,otherthingsconstant
Standarderrorsoftheregressioncoefficients
areusedtoevaluatesignificanceofthe
relationsbetweeneachparticularvariableand
thedependentvariable
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