Beruflich Dokumente
Kultur Dokumente
2016
IntroductiontoLabor WhyStudyLaborEconomics
Economics
Humanresourcesallocatesubstantialtimeand
energytolabormarkets.
Laboreconomicsstudieshowlabormarkets
work.
Laboreconomicshelpsusunderstandand
addressmanysocialandeconomicproblems
facingmodernsocieties.
Chapter1
2016McGrawHillEducation.AllRightsReserved. 2
2016McGrawHillEducation.AllRightsReserved,
BasicsoftheLaborMarket ThreeActors
Participantsareassignedmotives: Workers
Workerslookforthebestjob. Themostimportantactor;withoutworkers,thereisno
Firmslookforprofits. labor.
Governmentusesregulationtoachievegoalsofpublic Desiretomaximizeutility(i.e.,tooptimizebyselectingthe
policy. bestoptionfromavailablechoices).
Minimumwages
Suppliesmoretimeandeffortforhigherpayoffs,causing
Occupationalsafety
anupwardslopinglaborsupplycurve.
2016McGrawHillEducation.AllRightsReserved. 3 2016McGrawHillEducation.AllRightsReserved. 4
ThreeActors ThreeActors
Firms Government
Decidewhotohireandfire. Imposestaxes,regulations.
Motivatedtomaximizeprofits. Providesgroundrulesthatguideexchangesmadeinlabor
markets.
Relationshipbetweenpriceoflaborandthenumberof
workersafirmiswillingtohiregeneratesthelabor
demandcurve.
2016McGrawHillEducation.AllRightsReserved. 5 2016McGrawHillEducation.AllRightsReserved. 6
1
03.02.2016
WhyDoWeNeedaTheory Positivevs.NormativeEconomics
Explainandunderstandhowlabormarkets Positiveeconomics
work. Addressesthefacts
Focusonwhatis
Focusontheessentialvariableswhileleaving Questionsansweredwiththetoolsofeconomists
outother,lesscrucial,factors.
Normativeeconomics
Addressesvalues
Createamodelthathelpsexplainthetheory.
Focusonwhatshouldbe
Requiresjudgments
2016McGrawHillEducation.AllRightsReserved. 7 2016McGrawHillEducation.AllRightsReserved. 8
SupplyandDemandintheEngineering TheAlaskanLaborMarketand
LaborMarket ConstructionoftheOilPipeline
Earnings ($)
Earnings ($)
Labor Supply
Curve S0
50,000
Equilibrium w1
40,000
w0 D1
Labor Demand
Curve
30,000
D0
2016McGrawHillEducation.AllRightsReserved. 9 2016McGrawHillEducation.AllRightsReserved. 10
WagesandEmploymentintheAlaskan
Summary
LaborMarket,19681984
Laboreconomicsstudieshowlabormarkets
work.
Modelsinlaboreconomicstypicallycontainthree
actors:workers,firms,andgovernments.
Agoodtheoryshouldhaverealisticassumptions
andcanbetestedwithrealworlddata.
Thetoolsofeconomicsarehelpfulinanswering
positivequestions.
2016McGrawHillEducation.AllRightsReserved. 11 2016McGrawHillEducation.AllRightsReserved. 12
2
03.02.2016
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
2016McGrawHillEducation.AllRightsReserved. 13 2016McGrawHillEducation.AllRightsReserved. 14
ScatterDiagram:WagesandSchooling ChoosingAmongLinesSummarizing
byOccupation,2001 TrendsinData
2016McGrawHillEducation.AllRightsReserved. 15 2016McGrawHillEducation.AllRightsReserved. 16
TheBestFitRegressionLine MultipleRegression
Extendingregressionanalysistoinclude
multipleindependentvariables
Eachestimatedcoefficientshowstheimpact
ofaparticularvariableonthedependent
variable,otherthingsconstant
Standarderrorsoftheregressioncoefficients
areusedtoevaluatesignificanceofthe
relationsbetweeneachparticularvariableand
thedependentvariable
2016McGrawHillEducation.AllRightsReserved. 17 2016McGrawHillEducation.AllRightsReserved. 18