07 the Labor Market Wages and Unemployment

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  0 Chapter 7 The Labor Market, Wages, and Unemployment  1 7.1 Introduction  In this chapter, we learn:  How a basic supply-and-demand model helps us understand the labor market.  How labor market distortions like taxes and firing costs affect employment in the long run.  How to compute present discounted values  How to value your human capital.  Why the return to a college education has risen enormously over the last half-century.  2 7.2 The U.S. Labor Market  In the U.S. labor market  Wages account for two-thirds of per capita GDP.   Average wages have grown at 2 percent per year for the last century.  The employment-population ratio  The fraction of the civilian population over the age of 16 that is working  This ratio:  Has been increasing over time in large part due to the entry of women into the workforce.  Decreases in times of a recession.  3


Jul 23, 2017


Jul 23, 2017
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