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

2. 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

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

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

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

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

7. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

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

9. 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

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

11. 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

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

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

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

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

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

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

18. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

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

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

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

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

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

24. 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

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

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

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

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

29. 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

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

31. 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 2009. In the previous month, the unemployment rate had touched a 26-year-high of 10.2 per cent.

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

33. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

34. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

35. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

36. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

37. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

38. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

39. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

40. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

41. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

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

43. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

44. 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: 13+14+18+20+24+25+28+32+41 = 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.

45. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

46. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS

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

48. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS hysteresia

49. Burda & Wyplosz Macroeconomics 3 rd edn OXFORD UNIVERSITY PRESS 8.6 8.7 6.2+ --- 6.1 5.4 4.6

50. 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

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

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

53. 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