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ISBN 10: 0357442121
ISBN 13: 9780357442128
Author: Thomas Hyclak, Geraint Johnes, Robert Thornton
Examine the essential aspects of modern labor economics from an international perspective with Hyclak/Johnes/Thornton’s highly accessible FUNDAMENTALS OF LABOR ECONOMICS, 3E. This convenient, digital edition provides a comprehensive survey of economic theory and empirical evidence on purely competitive labor markets. These acclaimed authors examine the impact of imperfect competition, incomplete information and uncertainty, and institutional factors — stemming from government regulation, unions, social norms, and human resource management policies — on wages and employment opportunities. The latest updates address important issues today, such as wage and income inequality, labor market effects of international migration, the impact of occupational licensing on wages and employment, and labor aspects of the current “gig” economy. First-hand labor economics research and results further enhance your understanding of the world in which you will work and manage employees.
Fundamentals of Labor Economics 3rd Table of contents:
Chapter 1: Labor Economics: Introduction and Overview
Labor Economics as a Discipline
The “Old” and the “New”
Economic Perspective
World of Work 1.1: Gary Becker: Nobel Laureate
Overview
Payoffs
Chapter 2: The Theory of Individual Labor Supply
The Work–Leisure Decision: Basic Model
World of Work 2.1: Work Hours Linked to Pollution
World of Work 2.2: Labor Supply of Politicians
Applying and Extending the Model
World of Work 2.3: The Labor Supply Effects of Winning a Lottery Prize
World of Work 2.4: Labor Supply of Florida Lobster Fishermen
World of Work 2.5: The Labor Supply Impact of the Earned Income Tax Credit
Chapter 3: Population, Participation Rates, and Hours of Work
The Population Base
Becker’s Model: The Allocation of Time
World of Work 3.1: The Changing Face of America
World of Work 3.2: Video Gaming and the Decline in Labor Supply of Young Men
Participation Rates: Defined and Measured
Secular Trend of Participation Rates
World of Work 3.3: The Power of the Pill
World of Work 3.4: Why Do So Few Women Work in New York and So Many in Minneapolis?
World of Work 3.5: The Opioid Crisis and the Decline in Labor Force Participation
Cyclic Changes in Participation Rates
Hours of Work: Two Trends
World of Work 3.6: Time Stress
Chapter 4: Labor Quality: Investing in Human Capital
Investment in Human Capital: Concept and Data
The Human Capital Model
World of Work 4.1: Recessions and the College Enrollment Rate
World of Work 4.2: What Is a GED Worth?
World of Work 4.3: Higher Education: Making the Right Choices
Human Capital Investment and the Distribution of Earnings
World of Work 4.4: What You Did in High School Matters
World of Work 4.5: Reversal of the College Gender Gap
On-the-Job Training
Criticisms of Human Capital Theory
World of Work 4.6: College as Country Club
World of Work 4.7: Is There More to College than Money?
Chapter 5: The Demand for Labor
Derived Demand for Labor
A Firm’s Short-Run Production Function
Short-Run Demand for Labor: The Perfectly Competitive Seller
Short-Run Demand for Labor: The Imperfectly Competitive Seller
The Long-Run Demand for Labor
World of Work 5.1: Has Health Care Reform Increased Involuntary Part-Time Work?
The Market Demand for Labor
World of Work 5.2: Why Has Manufacturing Employment Fallen?
World of Work 5.3: Comparative Advantage and the Demand for Labor
Elasticity of Labor Demand
Determinants of Demand for Labor
World of Work 5.4: Ahead of the Pack: Veterinary Occupations are Growing Fast
Real-World Applications
World of Work 5.5: Occupational Employment Trends
Appendix: Isoquant–Isocost Analysis of the Long-Run Demand for Labor
Isoquant Curves
Isocost Curves
Least-Cost Combination of Capital and Labor
Deriving the Long-Run Labor Demand Curve
Chapter 6: Wage Determination and the Allocation of Labor
Theory of a Perfectly Competitive Labor Market
World of Work 6.1: Hurricanes and Local Labor Markets
World of Work 6.2: China Syndrome
Wage and Employment Determination: Monopoly in the Product Market
Monopsony
World of Work 6.3: Pay and Performance in Professional Baseball
Wage Determination: Delayed Supply Responses
World of Work 6.4: Do Medical Students Know How Much Doctors Earn?
Chapter 7: Alternative Pay Schemes and Labor Efficiency
Economics of Fringe Benefits
Theory of Optimal Fringe Benefits
World of Work 7.1: [Job] Locked and [Un]Loaded
The Principal–Agent Problem
Pay for Performance
World of Work 7.2: End of Teacher Tenure?
World of Work 7.3: Economics of Tipping
Efficiency Wage Payments
World of Work 7.4: The Ford Motor Company’s $5 per Day Wage
Labor Market Efficiency Revisited
Chapter 8: The Wage Structure
Perfect Competition: Homogeneous Workers and Jobs
The Wage Structure: Observed Differentials
Wage Differentials: Heterogeneous Jobs
World of Work 8.1: Who Cares and Does It Matter?
Wage Differentials: Heterogeneous Workers
World of Work 8.2: Rising Importance of Social Skills
The Hedonic Theory of Wages
World of Work 8.3: Is Exercise Good for Your Wallet as Well as Your Heart?
World of Work 8.4: Compensating Pay for Shift Work
World of Work 8.5: Placing a Value on Human Life
Wage Differentials: Labor Market Imperfections
Chapter 9: Mobility, Migration, and Efficiency
Types of Labor Mobility
Migration as an Investment in Human Capital
World of Work 9.1: The Decline in Geographic Mobility
The Determinants of Migration: A Closer Look
The Consequences of Migration
Capital and Product Flows
U.S. Immigration Policy and Issues
World of Work 9.2: Labor Supply of Undocumented Immigrants
World of Work 9.3: What Jobs Do Undocumented Persons Hold?
Chapter 10: Labor Unions and Collective Bargaining
Why Unions?
Labor Unionism: Facts and Figures
World of Work 10.1: Janus Decision and Public Sector Unions
Unionism’s Decline
What Do Unions Want?
Unions and Wage Determination
World of Work 10.2: The WTO, Trade Liberalization, and Labor Standards
Strikes and the Bargaining Process
Chapter 11: The Economic Impact of Unions
The Union Wage Advantage
World of Work 11.1: The Cost of a Union Member
Efficiency and Productivity
World of Work 11.2: Labor Strife and Product Quality
Firm Profitability
World of Work 11.3: Unions and Investment
Distribution of Earnings
Other Issues: Inflation, Unemployment, and Income Shares
World of Work 11.4: Unions and Executive Compensation
Chapter 12: Government and the Labor Market: Employment, Expenditures, and Taxation
Public Sector Employment and Wages
World of Work 12.1: What Do Government Workers Do?
World of Work 12.2: Beaches, Sunshine, and Public Sector Pay
The Military Sector: The Draft versus the Voluntary Army
World of Work 12.3: The Impact of Military Cutbacks on Civilians
Nonpayroll Spending by Government: Impact on Labor
Labor Market Effects of Publicly Provided Goods and Services
Income Taxation and the Labor Market
World of Work 12.4: Who Pays the Social Security Payroll Tax?
Chapter 13: Government and the Labor Market: Legislation and Regulation
Labor Law
Minimum Wage Law
Occupational Health and Safety Regulation
World of Work 13.1: Climate Change and Occupational Health
World of Work 13.2: The Effect of Workers’ Compensation on Job Safety
Government as a Rent Provider
World of Work 13.3: Who Can Whiten Teeth?
Chapter 14: Labor Market Discrimination
Gender and Racial Differences
World of Work 14.1: The Gender Wage Gap among Millennials
Discrimination and Its Dimensions
Taste for Discrimination Model
World of Work 14.2: Competition and Discrimination
Theory of Statistical Discrimination
The Crowding Model: Occupational Segregation
World of Work 14.3: Does Ban the Box Cause Discrimination?
World of Work 14.4: Evolution of a Family Friendly Occupation
Cause and Effect: Nondiscriminatory Factors
World of Work 14.5: The Gender Gap in the Gig Economy
Antidiscrimination Policies and Issues
World of Work 14.6: Orchestrating Impartiality
Chapter 15: Job Search: External and Internal
External Job Search
World of Work 15.1: Thinking of Quitting? The Boss Knows
Internal Labor Markets
Chapter 16: The Distribution of Personal Earnings
Describing the Distribution of Earnings
Explaining the Distribution of Earnings
Mobility within the Earnings Distribution
World of Work 16.1: Cross-Country Differences in Earnings Mobility across Generations
World of Work 16.2: Government Employment and the Earnings Distribution
Rising Earnings Inequality
World of Work 16.3: Rising Leisure Time Inequality
Chapter 17: Labor Productivity: Wages, Prices, and Employment
The Productivity Concept
Importance of Productivity Increases
World of Work 17.1: Growing Gap Between Productivity and Compensation
Long-Run Trend of Labor Productivity
World of Work 17.2: Is Public Capital Productive?
Cyclic Changes in Productivity
Productivity and Employment
A “New Economy” or Not?
Chapter 18: Employment and Unemployment
Employment and Unemployment Statistics
World of Work 18.1: Effects of Graduating from College in a Bad Economy
Macroeconomic Output and Employment Determination
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