Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 1 Labor Economics: Introduction and Overview.

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Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 1 Labor Economics: Introduction and Overview

1-2 1.Labor Economics as a Discipline

1-3 Importance of Labor Economics oSocioeconomic Issues Gender and race discrimination Legal and illegal immigration Fall in unionization Free trade oQuantitative Importance 75% of national income goes to labor.

1-4 Importance of Labor Economics oUnique Characteristics Labor is rented and not bought/sold Non-monetary aspects Institutional factors ∞Unions, licensing, minimum wage, discrimination Labor demand is a derived demand

The “Old” and the “New”

1-6 Change in Labor Economics o Old Approach Highly descriptive and historical Little economic analysis o New Approach Uses applied micro and macro theory

Economic Perspective

1-8 Choice oLabor economics uses theories of choice to explain behavior of labor market participants and resulting outcomes. oTheories rest on three assumptions…

1-9 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.

Overview

1-11 Overview oMicroeconomics Individual economic units or markets oMacroeconomics Economy as a whole

Why must the concepts of supply and demand as they pertain to products be modified when applied to labor markets? Questions for Thought 2. Indicate whether each of the following statements pertains to microeconomics or macroeconomics: (a) The unemployment rate in the United States was 4.6 percent in (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.