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Most labor economics textbooks pay little attention to actual labor markets, taking as reference a perfectly competitive market in which losing a job is not a big deal. The Economics of Imperfect Labor Markets is the only textbook to focus on imperfect labor markets and to provide a systematic framework for analyzing how labor market institutions operate. This expanded, updated, and thoroughly revised second edition includes a new chapter on labor-market discrimination; quantitative examples; data and programming files enabling users to replicate key results of the literature; exercises at the end of each chapter; and expanded technical appendixes. The Economics of Imperfect Labor Markets examines the many institutions that affect the behavior of workers and employers in imperfect labor markets. These include minimum wages, employment protection legislation, unemployment benefits, active labor market policies, working-time regulations, family policies, equal opportunity legislation, collective bargaining, early retirement programs, education and migration policies, payroll taxes, and employment-conditional incentives. Written for advanced undergraduates and beginning graduate students, the book carefully defines and measures these institutions to accurately characterize their effects, and discusses how these institutions are today being changed by political and economic forces. Expanded, thoroughly revised second edition New chapter on labor-market discrimination New quantitative examples New data sets enabling users to replicate key results of the literature New end-of-chapter exercises Expanded technical appendixes Unique focus on institutions in imperfect labor markets Integrated framework and systematic coverage Self-contained chapters on each of the most important labor-market institutions
The contributors explore the reasons why involuntary unemployment happens when supply equals demand.
A guide to the continually evolving field of labour economics.
Adam Smith's ground braking work in economics, "The Wealth of Nations." Book 1: BOOK I. OF THE CAUSES OF IMPROVEMENT IN THE PRODUCTIVE POWERS OF LABOUR, AND OF THE ORDER ACCORDING TO WHICH ITS PRODUCE IS NATURALLY DISTRIBUTED AMONG THE DIFFERENT RANKS OF THE PEOPLE. CHAPTER I. OF THE DIVISION OF LABOUR. CHAPTER II. OF THE PRINCIPLE WHICH GIVES OCCASION TO THE DIVISION OF LABOUR. CHAPTER III. THAT THE DIVISION OF LABOUR IS LIMITED BY THE EXTENT OF THE MARKET. CHAPTER IV. OF THE ORIGIN AND USE OF MONEY. CHAPTER V. OF THE REAL AND NOMINAL PRICE OF COMMODITIES, OR OF THEIR PRICE IN LABOUR, AND THEIR PRICE IN MONEY. CHAPTER VI. OF THE COMPONENT PART OF THE PRICE OF COMMODITIES. CHAPTER VII. OF THE NATURAL AND MARKET PRICE OF COMMODITIES. CHAPTER VIII. OF THE WAGES OF LABOUR. CHAPTER IX. OF THE PROFITS OF STOCK. CHAPTER X. OF WAGES AND PROFIT IN THE DIFFERENT EMPLOYMENTS OF LABOUR AND STOCK. CHAPTER XI. OF THE RENT OF LAND.
This series has come to represent a significant contribution to the literature of British, European, and international labour law. The series recognizes the arrival not only of a renewed interest in labour law generally, but also the need for fresh approaches to the study of labour law following a period of momentous change in the UK and Europe. The series is concerned with all aspects of labour law, including traditional subjects of study such as collective labour law and individual employment law. It also includes works that concentrate on the growing role of human rights and the combating of discrimination in employment, and others that examine the law and economics of the labour market and the impact of social security law and of national and supranational employment policies upon patterns of employment and the employment contract. Book jacket.
What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
Labour economics as a discipline has changed dramatically in recent years. Gone are the days of a "job for life". These days, firms and employees are part of a less regulated, more fluid, and more international labour market. Knowledge, training, human resource development and human capital are all major factors on the contemporary scene. This new textbook is the first properly international textbook to reflect these swingeing changes. Its key areas of concentration include: the increasing importance of human capital including education and occupational choice the major subdivision of personnel economics including economic inactivity and absenteeism comparative cross country studies and the impact of globalization and migration on national labour markets equal opportunities and issues of discrimination on the basis of race, gender and disability conflict at work, including both strikes and, uniquely, individual disputes. Other issues explored include the supply and demand of labour, wages, the current role of trade unions, bargaining and conflict, and working time. The book is written in a clear, accessible way with some mathematical exposition, reflecting the text’s grounding in current microeconomic theory. The book also contains case studies designed to illuminate theoretical concepts and exercises and discussion questions to test the students understanding of the various concepts outlined in the text.
How have modern labour markets developed? Both labour economists and economic historians agree that it is necessary to look at labour markets in their historical context. Labour Market Evolution does just this. The contributors examine the operation and development of labour markets in Western Europe and North America since 1500. They address the key questions in this complicated process using new quantitative evidence. First, how closely connected were geographically distant labour markets? Second, how flexible were markets in the past - did wages change in response to demand shocks? Did workers move across space and occupations in response to cyclical or seasonal conditions. Third, were relationships between employees and employers short-term or long-term? Why did relationships change, and what were the implications for the flexibility and integration of markets? In examining these factors, this volume draws on modern labour economic theory and up-to-date quantitative techniques to show how current traditions and systems have evolved.
This book serves as a textbook on labour economics and public policy in labour markets.It also shows how Singapore has been successful in establishing a world class labour market. One attribute of such a labour market is the high purchasing power of wages for the average worker for essentials such as housing, healthcare, quality education for children and retirement consumption, which motivates Singaporeans to work hard. The second attribute is a macro-focused labour union that works closely with the government, and is able to prevent excessive wage increase.
Wage setting has historically been a deeply political and cultural as well as economic process. This informative and accessible book explores how US wage regulations in the twentieth century took gender, race-ethnicity and class into account. Focusing on social reform movements for living wages and equal wages, it offers an interdisciplinary account of how women's work and the remuneration for that work has changed along with the massive transformations in the economy and family structures. The controversial issue of establishing living wages for all workers makes this book both a timely and indispensable contribution to this wide ranging debate, and it will surely become required reading for anyone with an interest in modern economic issues.