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Labor. Why Work and When Now: Leisure (hrs) vs. Consumption ($) Now vs. Later: Wage vs. Investments “Smoothing” Individual Labor Supply Curve Reservation.

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Presentation on theme: "Labor. Why Work and When Now: Leisure (hrs) vs. Consumption ($) Now vs. Later: Wage vs. Investments “Smoothing” Individual Labor Supply Curve Reservation."— Presentation transcript:

1 Labor

2 Why Work and When Now: Leisure (hrs) vs. Consumption ($) Now vs. Later: Wage vs. Investments “Smoothing” Individual Labor Supply Curve Reservation Wage Efficiency Wage

3 Shifts in Labor Supply and Demand 1950s vs. 1990s: Industry vs. Service Technology and income inequality Immigration (Except…)

4 Unions Monopsony (bosses) vs. Monopoly (unions; collective bargaining) Increased wages + benefits Union members; possibly fewer opportunities non-Union (jobs + wages) –North vs. South; “Anchoring”  higher wages for all Decline of unions: 1) success of unions (better wages and conditions), 2) the transition to a service economy, 3) an increasingly competitive economy, 4) a changing legal and political environment [Wagner Act (closed shop) vs. Taft- Hartley (open shop)]

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