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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
First published in 1981, Labour Market Economics develops the basic economic theory of introductory courses within the context of labour market analysis and applies it both to particular features and special problems of the subject. The author begins by outlining the nature of the area and the structure of the UK labour market at the time, and proceeds to explain and elaborate the tools of theoretical analysis. These are then applied in subsequent chapters to a variety of issues, including the economic analysis of trade unions, collective bargaining and the effects of unions, unemployment, wage inflation and the inequality of pay. Throughout the book, emphasis is placed on the economic theory of the labour market and the role of empirical work in testing its predictions, and wherever available, evidence from studies of the UK labour markets is cited.
Labour market institutions, including collective bargaining, the regulation of employment contracts and social protection policies, are instrumental for improving the well-being of workers, their families and society. In many countries, these instituti
Uses theoretical models to analyse the macroeconomic implications of the dual labour market. Includes an introduction to the techniques of dynamic programming and the matching function.
Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.
This book constitutes the refereed proceedings of the 6th International Workshop on Internet and Network Economics, WINE 2010, held in Stanford, USA, in December 2010. The 52 revised full papers presented were carefully reviewed and selected from 95 submissions. The papers are organized in 33 regular papers and 19 short papers.
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 collection of research papers explores some of the salient issues relating to the impact of demographic change on the workings and outcomes of labour markets. A first chapter studies the direct impact of ageing on employment and unemployment. However, the age structure of the workforce also shapes productivity and the scope for innovation, issues which are taken up in turn. Furthermore, it is often argued that a decline in the size of the workforce may be offset by an increase in the workers’ skills and knowledge. The impact of demographic developments such as ageing and migration on the accumulation and transfer of human capital is, therefore, studied by a further set of contributions. The volume is rounded off with analyses relating to the supply of labour by women and by older workers. The authors ask, for instance, whether (female) labour migration as well as changes in retirement patterns and policies may counterbalance the expected workforce shrinking.
Levels of suffering among young people have always been much higher than governments suggest. Indeed, policies aimed at young workers have often been framed in ways that help secure conformity to a new employment landscape in which traditional securities have been progressively removed. Increasingly punitive welfare regimes have resulted in new hardships, especially among young women and those living in depressed labour markets. Framed by the ideas of Norbert Elias, Young People in the Labour Market challenges the idea that changing economic landscapes have given birth to a ‘Precariat’ and argues that labour insecurity is more deep-rooted and complex than others have suggested. Focusing on young people and the ways in which their working lives have changed between the 1980s recession and the Great Recession of 2008/2009 and its immediate aftermath, the book begins by drawing attention to trends already emerging in the preceding two decades. Drawing on data originally collected during the 1980s recession and comparing it to contemporary data drawn from the UK Household Longitudinal Study, the book explores the ways in which young people have adjusted to the changes, arguing that life satisfaction and optimism are linked to labour market conditions. A timely volume, this book will be of interest to undergraduate and postgraduate students, as well as postdoctoral researchers who are interested in fields such as Sociology, Social Policy, Management and Youth Studies.
Widely regarded as the best, most comprehensive text available for the in-depth study of labor market theories, this textbook calls upon excellent pedagogical elements and empirical research to introduce students to labor economics. The authors' balanced approach to the material enables students to gain an understanding of the background of the field as they explore its latest developments and unique topics not covered in most competing texts. Intended as the basic text for an undergraduate course in labor economics or labor relations, this book also is suitable as a survey or reference text for a graduate level course.