Labor Economics: Introduction and Overview

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Presentation transcript:

Labor Economics: Introduction and Overview Chapter 1 Labor Economics: Introduction and Overview McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

11/14/2018 Labor Economics as a Discipline

Importance of Labor Economics 11/14/2018 Importance of Labor Economics Socioeconomic Issues Gender and race discrimination Legal and illegal immigration Fall in unionization Free trade Quantitative Importance 70% of national income goes to labor.

Importance of Labor Economics 11/14/2018 Importance of Labor Economics Unique Characteristics Labor is rented and not bought/sold Non-monetary aspects Institutional factors Unions, licensing, minimum wage, discrimination Labor demand is a derived demand

11/14/2018 2. The “Old” and the “New”

Change in Labor Economics Old Approach Highly descriptive and historical Little economic analysis New Approach Uses applied micro and macro theory

11/14/2018 3. Economic Perspective

11/14/2018 Choice Labor economics uses theories of choice to explain behavior of labor market participants and resulting outcomes. Theories rest on three assumptions…

Choice 1. Relative scarcity 2. Purposeful behavior 3. Adaptability 11/14/2018 Choice 1. Relative scarcity 2. Purposeful behavior Choices involve giving something up -an opportunity cost. Individuals make choices purposefully with an expected net gain. 3. Adaptability Workers and firms adapt to changes in expected costs and benefits.

11/14/2018 4. Overview

Overview Microeconomics Macroeconomics 11/14/2018 Overview Microeconomics Individual economic units or markets Macroeconomics Economy as a whole

11/14/2018 Questions for Thought 1. Why must the concepts of supply and demand as they pertain to products be modified when applied to labor markets? 2. Indicate whether each of the following statements pertains to microeconomics or macroeconomics: (a) The unemployment rate in the United States was 8.9 percent in 2011. (b) Bartenders at Andrew’s Capital Bar and Grill earn $9.25 per hour. (c) The productivity of American workers as a whole has increased by more than 2 percent per year in the last 4 years.