Академический Документы
Профессиональный Документы
Культура Документы
1-1
This paper will concentrate on the following issues: Selection and hiring of workers Workers productivity and the costs and benefits of screening Supervision Workers compensation (wages, other benefits, piece rates) Efficiency wages (Henry Ford) The concept of human capital (relevance of and alternatives to) Training and productivity Workers migration Workers job satisfaction Contemporary issues in the NZ labour market
Economists place a premium on identifying underlying general principles Economists attempt to identify the foundations of these general principles
We may devote due attention to complex theoretical constructs We will use these general principles and apply them to our topics of interest We will try and solve HRE problems that are of relevance for most businesses (and therefore the economy as a whole) We will do this through interactive discussions We will also develop skills to help present solutions In order to do this well, we will research our topics
http://www.stats.govt.nz/browse_for_stats/income-andwork/employment_and_unemployment/HouseholdLabourForceSurvey_HOTPMar13qtr.aspx
45
75
Quarter
Total
Data from Statistics NZ, Household Labour Force Survey, March Quarter 2011
1986Q1 1986Q4 1987Q3 1988Q2 1989Q1 1989Q4 1990Q3 1991Q2 1992Q1 1992Q4 1993Q3 1994Q2 1995Q1 1995Q4 1996Q3 1997Q2 1998Q1 1998Q4 1999Q3 2000Q2 2001Q1 2001Q4 2002Q3 2003Q2 2004Q1 2004Q4 2005Q3 2006Q2 2007Q1 2007Q4 2008Q3 2009Q2 2010Q1 2010Q4
The DoL web-site will give you access to a plethora of statistics, reports and information relevant to this course. You will also find the Department of Statistics web-site useful. http://www.statistics.govt.nz/
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Chapter 1
Introduction to Labor Economics
McGraw-Hill/Irwin
1-8
1-9
Three Actors
Workers
The most important actor; without workers, there is no labor. Desire to maximize (i.e., to optimize by selecting the best option from available choices).
Supplies more time and effort for higher payoffs, causing an upward sloping labor supply curve.
1-10
Three Actors
Firms
Decide who to hire and fire. Motivated to maximize profits. Relationship between price of labor and the number of workers a firm is willing to hire generates the labor demand curve.
1-11
Three Actors
Government
Imposes taxes, regulations. Provides ground rules that guide exchanges made in labor markets.
1-12
1-13
Normative economics
Addresses values Focus on what should be Requires judgments
1-14
Equilibrium
40,000
30,000
10,000
20,000
30,000
Employment
1-15
w1
w0
D1
D0
Employment E0 E1
1-16
4,000
3,500
3,000
2,500
Wage
2,000
1970
1972
1974
1976
1978
1980
1982
1,500 1984
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Summary
Labor economics studies how labor markets work. Models in labor economics typically contain three actors: workers, firms, and governments. A good theory should have realistic assumptions and can be tested with real-world data. The tools of economics are helpful in answering positive questions.
1-18
Change in schooling
Years of Schooling
1-19
3.5
Log wage
2.5
2 8 10 12 14 16 18 20 Years of schooling
1-20
B
3.5
Log wage
A C
2.5
2 8 10 12 14 16 18 20 Years of schooling
1-21
3.5
Log wage
2.5
2 8 10 12 14 16 18 20 Years of schooling
1-22
End of Chapter 1