Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Портпарол Стејт департмента поднео оставку Portparol Stejt Dipartmenta dao ostavku Srpsla vlada uvodi jednoumlje

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Economic policy principles –1. small doses –2. of the same measure –Then people can addapt – brings certainty

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Labour market

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS What is the price of 1 hour of leasure Equal to w Robinson Crusoe

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Available working hours

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS l hours of leasure have a value ‚

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Ako se promeni realna zarada leasure work consumption

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS F.4.5 Production function and labour demand Realna nadnica rad Output (Y) rad R A MPL Figure 4.05

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS What is maximal consumption leasure work consumption

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Kada je dokolica l =0, onda je It is here, were Crusoe works all the time

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS How does Crusoe react to a rise in real wage

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Will he work more or less?

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS We observe income effect in the long run Real watge 8-17x Hours halved.

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Technical progress and employment Working age and unemployment

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Economics in 1 lesson

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS š Šta what is good for GM is good for America! We protect our agriculture

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Examples of full employment without reaching potential output

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Concentration camps Tribal community

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Individual labor supply in hours Aggregate in men-hours

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Supply demand

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Interpretation of unemployment supply demand hours Real wage

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS ravnotežna realna zarada w je preniska da bi svi radnici odustali od dokolice: neki bi želeli da rade nepuno radno vreme, drugi opet ni toliko

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Nevoljna nezaposlenost ipak postoji... waGE RIGIDITY supply demand hours Real wage

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS -TRADE UNIONS -MINIMUM WAGES -EFFICIENT WAGES

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS COLLECTIVE LABOR SUPPLY

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS WHY DO TRADE UNIONS INSIST ON WAGES WHILE UNEMPLOYMENT GROWS?

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Odgovor –Zaposleni traže rast (sopstvenih) realnih zarada, po cenu rasta nezaposlenosti (ali ne sopstvene). – oni su insajderi

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS IT CANNOT GO TOO FAR –THEY COULD LOOSE JOBS –COULD LOOSE MEMBERSHIP –LOOSE POLITICAL POWER

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS STOPE NEZAPOSLENOSTI U RAZVIJENIM ZEMLJAMA London December 14, 2009, 21:33 IST OECD unemployment rate for the area was 8.8 per cent in October, 0.1 percentage point higher than the previous month. Japan saw an unemployment rate of 5.1 per cent in October. US 10% in November In the previous month, the unemployment rate had touched a 26-year-high of 10.2 per cent.

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS of_countries_by_unemployment _ratehttp://en.wikipedia.org/wiki/List_ of_countries_by_unemployment _rate

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Mean and medijan France, Belgium, HollAND miminmum wages prevail

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Remember, 50% of high school seniors do not go to college janitorjanitor – domar ($13/hour) a delivery truck driver ($14/hour), a retail store assistant manager ($18/hour), automobile mechanic ($20/hour), fire fighter ($24/hour), a nurse ($25/hour), a department store buyer ($28/hour), an automobile salesman ($32/hour with commissions), and an IT project manager ($41/hour).retail store assistant manager department store buyerIT project manager What is the mean (average) wage of these 9? It is easy to calculate: add up the wages and divide by 9: = 215 mean wage = 215 / 9 = $23.90/hour The median is $24/hour. The fire fighter earns the middle wage: 1/2 are lower, and 1/2 are higher. For this particular sample, the mean and median give a similar answer for what a "typical" person on that team now earns. Now let's look at Stephon's hourly wage.

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS –Unemployment bennefits trap

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS hysteresia

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS 1970=100 Figure 4.16 (a) Zaposlenost u SAD plate u SAD plate u Evrozoni Zaposlenost u Evrozoni

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Francuska Greece

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Social security network

Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS Figure 4.14 LABOR MARKET MAP Employedunemployed Out of contingent Found job fired Retreat to unemploym discouragedretired Chang e of job New entries Unsuccesfull entries