Fundamentals Of Labor Economics

This text covers the essential aspects of modern labor economics from an international perspective. A highly accessible text with numerous examples, key terms, and class-tested end-of-chapter questions.

List of contents

Preface
CHAPTER 1
The Study of Labor Economics. The Scope of Labor Economics. The Method of Labor Economics. Labor Market Theory. Labor Market Institutions. Empirical Analysis. Policy Analysis. International Comparisons. The Plan of This Book.
Appendix: Regression Analysis.
CHAPTER 2
The Demand for Labor. THE WAY WE WORK: Labor Demand. The Production Function. The Marginal Product of Labor. The Short-Run Demand for Labor. The Short-Run Demand for Labor: An Example. Conditions for the MP to Represent Labor Demand. The Demand for Labor in Noncompetitive Product Markets. What Determines the Position of the Short-Run Demand for Labor? A Note on Exploitation. The Demand for Labor in the Long Run.
Appendix: Technological Change and Labor Demand
CHAPTER 3
Topics in Labor Demand
Elasticities. The One-Wage Elasticity of Labor Demand. The Cross-Elasticity of Labor Demand. The Elasticity of Substitution. THE WAY WE WORK: The Case of the Vanishing Bank Teller. How Elastic Is the Demand for Labor?. PUTTING THEORY TO WORK: Do Imports from Low-Wage Countries Reduce the Domestic Demand for Labor?. Extensions and Embellishments of Marginal Productivity Theory. The Independence of Wages and Productivity. Fixed Costs of Employment. Are Workers Paid Their Marginal Product?
Appendix: A Test of the Marginal Productivity Theory: A Cobb-Douglas Exercise
CHAPTER 4
The Supply of Labor: Labor Force Participation. International Labor Force Participation. The Theory of Labor Force Participation for an Individual. The Theory of Labor Force Participation for Groups. Applications of the Theory. Young Workers. Older Male Workers
Women. Race and Residence.
CHAPTER 5
The Supply of Labor: Hours of Work. The History of Working Hours. THE WAY WE WORK: The Good Old Days?. Worker Preferences and Hours Worked. The Theory of Hours of Work for an Individual. Applications of the Theory. Variations on the Wage Line. THE WAY WE WORK: The Great Hours Debate. Welfare Programs and Labor Supply. Some Extensions of the Individual Model. Family Models. Life-Cycle Model. Empirical Evidence on Labor Supply Elasticities.
CHAPTER 6
Human Capital Analysis. Some Background. Education and Age-Earnings Profiles. PUTTING THEORY TO WORK: The Age-Earnings Curve Again. Calculating the Returns to Education. The Net Present Value Approach. The Internal Rate of Return Approach. The Earnings Function Approach. THE WAY WE WORK: What Good Does a Degree Do?. The Evidence. Bias in Rate of Return Estimates. Ability Bias. Selection Bias. Generic versus Specific Human Capital. PUTTING THEORY TO WORK: Forensic Economists and Valuing a Life. Externalities, Equity, and Subsidies. Human Capital and Mobility
CHAPTER 7
Labor Market Equilibrium. Equilibrium in a Single Labor Market. Supply-Demand Models. THE WAY WE WORK: A Strong Market for Economics PhDs in the United States. Empirical Evidence. Equilibrium across Different. Labor Markets. Supply Adjustments. Demand Adjustments. Compensating Differentials. Empirical Studies of Wage Differentials. Interregional Migration and Wage Convergence. AROUND THE WORLD: Labor Mobility in Europe. Compensating Differentials for Job Safety. PUTTING THEORY TO WORK: The Benefits and Costs of Smoking. International Trade and Relative Wages. The Relative Supply-Demand Model. Theories of Trade and Wages. Evidence on Trade and U.S. Wages. PUTTING THEORY TO WORK: U.S. Immigration Policy.
CHAPTER 8
Information and Job Search. The Fixed Sample Search Model. The Sequential Search Model. An Example. A More Formal Model. PUTTING THEORY TO WORK: Search in the Laboratory. Refinements to the Model. Matching Models. Equilibrium Search Models. The Duration of Unemployment and the Hazard Function. AROUND THE WORLD: The Reservation Wage of Polish Job Seekers. Labor Mobility. Job Search Methods and Results. THE WAY WE WORK: Unemployment Benefits and Wage Offers.
CHAPTER 9
Monopsony and Minimum Wages. Wage and Employment Determination under Conditions of M

Summary

This text covers the essential aspects of modern labor economics from an international perspective. A highly accessible text with numerous examples, key terms, and class-tested end-of-chapter questions.

Product details

• Authors: Betts, ELY, Thomas Hyclak, Geraint Johnes, Robert Thornton
• Publisher: South Western College
• Languages: English
• Product format: Hardback
• Released: 01.01.2013
• No. of pages: 544
• Dimensions: 189 mm x 246 mm x 20 mm
• Subject: Social sciences, law, business > Business > Economics