Fundamentals of Labor Economics

ISBN-10: 039592362X
ISBN-13: 9780395923627
Edition: 2005
List price: $362.95
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Description: This text covers the essential aspects of modern labor economics from an international perspective and provides undergraduate students with a comprehensive survey of economic theory and empirical evidence on purely competitive labor markets. In  More...

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Book details

List price: $362.95
Copyright year: 2005
Publisher: CENGAGE Learning
Publication date: 5/6/2004
Binding: Hardcover
Pages: 544
Size: 7.50" wide x 9.00" long x 1.00" tall
Weight: 2.288
Language: English

This text covers the essential aspects of modern labor economics from an international perspective and provides undergraduate students with a comprehensive survey of economic theory and empirical evidence on purely competitive labor markets. In addition, the authors examine the impact of imperfect competition, incomplete information and uncertainty, and institutional factorsstemming from laws, unions, and human resource policieson wages and employment opportunities. Empirical information drawn from a number of developed economicsin addition to extensive data about the United Statessupports the authors' essential analysis throughout the text. Research papers and policy analyses from a number of countries provide students with a global perspective so often absent in other texts. Comprehensive coverage of personnel economics, including incentive pay systems and career compensation, outlines important implications for neo-classical labor economics. A complete chapter on search theory features simple, but powerful, examples that explain decision making under uncertainty as it applies to labor.

Thomas Hyclak has been a member of the economics faculty at Lehigh since 1979 and was department chair from 1999 to 2006. He served the College of Business and Economics as Interim Dean. His research has involved a number of empirical studies of the determinants of wage levels, unemployment and earnings distributions in urban labor markets. Professor Hyclak has also published several studies of the impact of human resource management innovations and industrial relations activities on the performance of workers and their organizations.

Geraint Johnes is the Dean of the Graduate Studies at Lancaster University Management School, where he teaches international human resource management. He also currently teaches undergraduate courses in introductory economics; applied economics; quantitative methods; and human resource economics. His current research is in grade inflation and changes in efficiency in educational institutions; impact of curriculum on subsequent labor market performance; and funding mechanisms for education and their effect on economic welfare.

Note: Each chapter concludes with a Summay, Key Terms, and Problems
The Study of Labor Economics
The Scope of Labor Economics
The Method of Labor Economics
The Plan of This Book
Appendix: Regression Analysis
The Demand for Labor
The Production Function
The Marginal Product of Labor
The Short-Run Demand for Labor
The Demand for Labor in the Long-Run
Appendix: Technological Change and Labor Demand
Topics in Labor Demand Elasticities
How Elastic Is the Demand for Labor?
Extensions and Embellishments of Marginal Productivity Theory
Appendix: A Test of the Marginal Productivity Theory: A Cobb-Douglas Exercise
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
The Supply of Labor: Hours of Work
The History of Working Hours
Worker Preferences and Hours Worked
The Theory of Hours of Work for an Individual
Applications of the Theory
Variations on the Wage
Line Welfare Programs and Labor Supply
Some Extensions of the Individual
Model Empirical Evidence on Labor Supply Elasticities
Human Capital Analysis
Some Background Education and Age-Earnings Profiles
Calculating the Returns to Education
The Evidence Bias in Rate of Return Estimates
General Versus Specific Human Capital Externalities, Equity, and Subsidies
Human Capital and Mobility
Labor Market Equilibrium
Equilibrium in a Single Labor
Market Equilibrium across Different Labor
Markets Empirical Studies of Wage Differentials
International Trade and Relative Wages
Information and Job Search
The Fixed Sample Search Model
The Sequential Search Model
Matching Models
Equilibrium Search Models
The Duration of Unemployment and the Hazard Function
Labor Mobility
Job Search Methods and Results
Monopsony and Minimum Wages
Wage and Employment Determination under Conditions of Monopsony
Where Does Monopsony Exist?
Minimum Wages Empirical Evidence on the Employment Effect of Minimum Wages
Other Effects of the Minimum Wage
Internal Labor Markets
The Characteristics of ILMs
The Evolution of ILMs in the United States
ILMs and Firm Efficiency
Implications of ILMs for Labor Analysis
Personnel Economics
Motivating Worker
Effort Work-Life Incentive Schemes
Other Wage Policy Models
Unions and Collective Bargaining
A Profile of Unionism in the United States
Unionism in Other Countries
Theories of Union
Growth Union
Goals and Objectives
Union Monopoly Models
Union Bargaining Power and Strikes
The Effects of Unions
Labor Market Discrimination
The Many Faces of Labor Market Discrimination
Gender and Racial Differences in Labor Markets
Theories of Labor
Market Discrimination
Measuring the Effect of Discrimination on Pay Gaps
What Does the Research Show?
Anti-Discrimination Policies
The Effects of Anti-Discrimination Policies
Unemployment Measures of Unemployment
The Natural Rate of Unemployment
Fluctuations around the Natural Rate
A Model of the Aggregate Labor Market
Unemployment Policy: The OECD Jobs Strategy
Wage Inequality, Income Inequality and Poverty Wage Inequality and Labor Market Performance
Measuring Inequality
Trends in Wage Inequality
Causes of Increased Wage
Inequality From Wage
Inequality to Income
Inequality Poverty
Policy Options

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