Modern Labor Economics

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NCHAPTER2OVERVIEW OF THE LABOR MARKET 47CHAPTER3THE DEMAND FOR LABOR 81CHAPTER4LABOR DEMAND ELASTICITIES 117CHAPTER5FRICTIONS IN THE LABOR MARKETCHAPTER6SUPPLY OF LABOR TO THE ECONOMY: THE DECISION TO WORKCHAPTER7LABOR SUPPLY: HOUSEHOLD PRODUCTION, THE FAMILY,23152190AND THE LIFE CYCLE 233CHAPTER8COMPENSATING WAGE DIFFERENTIALS AND LABOR MARKETS 267CHAPTER9INVESTMENTS IN HUMAN CAPITAL: EDUCATION AND TRAININGCHAPTER10WORKER MOBILITY: MIGRATION, IMMIGRATION, AND TURNOVERCHAPTER11PAY AND PRODUCTIVITY: WAGE DETERMINATION WITHIN304349THE FIRM 383CHAPTER12GENDER, RACE, AND ETHNICITY IN THE LABOR MARKET 421CHAPTER13UNIONS AND THE LABOR MARKET 472CHAPTER14UNEMPLOYMENTCHAPTER15INEQUALITY IN EARNINGSCHAPTER16THE LABOR-MARKET EFFECTS OF INTERNATIONAL TRADE ANDPRODUCTION SHARING 589524561Answers to Odd-Numbered Review Questions and ProblemsName IndexSubject Index6176676735

ContentsPreface 18CHAPTER1INTRODUCTION23The Labor Market24Labor Economics: Some Basic Concepts24Positive Economics 25The Models and Predictions of Positive Economics 26Normative Economics 29Normative Economics and Government Policy 32Efficiency versus Equity 33Plan of the Text 34ExamplePositive Economics: What DoesBehavior? 271.1Review QuestionsItMean to "Understand"35Problems 36Selected Readings 37AppendixCHAPTER2Statistical Testing of Labor Market Hypotheses1AOVERVIEWOF THE LABORMARKET3847The Labor Market: Definitions, Facts, and TrendsThe Labor Force and Unemployment49Industries and Occupations: Adapting to ChangeThe Earnings of Labor 534852How the Labor Market Works 58The Demand for Labor59The Supply of Labor 63The Determination of the WageApplicationsof the65Theory 70Who Is Underpaid and Who Is Overpaid? 71Unemployment and Responses to Technological Change across CountriesExample2.1Real Wages across Countries and Time: Big Macs per HourWorked 566Example2.2The Black Death and the Wages of LaborExample2.3Forced Labor in Colonial Mozambique697374

heSupplyVariationReview QuestionsProblems 7977Selected icers:Cross-SectionObtainingData7681LABORProfit Maximization82THE DEMAND 8384The Short-Run Demand for Labor When Both Product andLabor Markets Are Competitive 85A to LaborMP L86Demand87The Demand for Labor in Competitive Markets When Other InputsCan Be Varied r Demand When the Product Market Is Not s9696HigherWages?97Policy Application: The Labor Market Effects of Employer Payroll Taxesand Wage Subsidies heStudyDoMiningWomenWagesPay105Selected Readings107CHAPTER43AforData102Review QuestionsProblems 106Tax?a DeviceRevenueCross-SectionDifferences"Appendixa uctandPoorof ferencesUsinginGraphical Derivation of a Firm's Labor Demand CurveLABOR DEMANDELASTICITIES117The Own-Wage Elasticity of 25108

loymentSoEffectsDifferentof msWagesin TwoPartsof 9 th levanceof imizationHow152MARKETIN THE 180161

ContentsHiring Investments9181The Use of Credentials 181Internal Labor Markets 183How Can the Employer Recoup Its Hiring Investments? 185Example5.1Does Employment Protection Legislation Protect Workers? 169Example5.2"Renting" Workers as a Way of Coping with Hiring Costs 174Example5.3Why Do Temporary-Help Firms Provide Free General SkillsTraining? 182EmpiricalCHAPTER6StudyWhat Explains Wage Differences for Workers Who Appear Similar?Using Panel Data to Deal with Unobserved Heterogeneity 184Review QuestionsProblems 187186Selected Readings189SUPPLY OF LABORTO THEECONOMY: THE DECISION TOWORK 190Trends in Labor Force Participation and Hours of WorkLabor Force Participation RatesHours of Work 193190191A Theory of the Decision to Work 195Some Basic Concepts 195Analysis of the Labor/Leisure Choice 199Empirical Findings on the Income and Substitution Effects 214Policy Applications217Budget Constraints with "Spikes" 217Programs with Net Wage Rates of Zero 220Subsidy Programs with Positive Net Wage Rates 224Example6.1The Labor Supply of New York City Taxi Drivers 199Example6.2Do Large Inheritances Induce Labor Force Withdrawal? 209Example6.3Daily Labor Supply at the Ballpark 215Example6.4Labor Supply Effects of Income Tax Cuts 216Example6.5Staying Around One's Kentucky Home: Workers' CompensationBenefits and the Return to Work 220ExampleEmpirical6.6StudyWartime Food Requisitions and Agricultural Work Incentives 227Estimating the Income Effect Among Lottery Winners: The Searchfor "Exogeneity" 228Review QuestionsProblems 231229Selected Readings232

10CHAPTERContents7LABOR SUPPLY: HOUSEHOLD PRODUCTION, roductivityto247Workovera ome249COMPENSATING WAGE DIFFERENTIALS AND ionDoThatIncorporatesan Individual:234BasicLabor233CYCLEAND THE oyeesSafetyBenefits273279andHealth288Regulation283

11ContentsEmployer Preferences 290The Joint Determination of Wages and Benefits292Working on the Railroad: Making a Bad Job GoodParenthood, Occupational Choice, and Risk 281274Indentured Servitude and Compensating DifferentialsEmpirical9How Risky are Estimates of Compensating Wage Differentials forRisk? The "Errors in Variables" Problem 294Review QuestionsProblems297296Selected ge Differentialsand LayoffsINVESTMENTS IN HUMAN CAPITAL: EDUCATION AND TRAINING299304Human Capital Investments: The Basic Model306The Concept of Present Value 306Modeling the Human Capital Investment Decision 308The Demand for a College Education310Weighing the Costs and Benefits of College 310Predictions of the Theory 311Market Responses to Changes in College Attendance317Education, Earnings, and Post-Schooling Investments in HumanCapital318Average Earnings and Educational Level 318On-the-job Training and the Concavity of Age/Eamings ProfilesThe Fanning Out of Age/Eamings Profiles 323Women and the Acquisition of Human Capital 323Is Education a Good Investment?328Is Education a Good Investment for Individuals?328Is Education a Good Social Investment?331Is Public Sector Training a Good Social Investment?33915! Trffn3HTM War and Human Capital 305Can Language Affect Investment Behavior? 313321Example9.3Did the G.I. Bill Increase Educational Attainment for ReturningWorld War II Vets? 315Example9.4ValuingExample9-5EmpiricalStudyHuman Asset: The Case of the Divorcing Doctor 329The Socially Optimal Level of Educational Investment 337aEstimating the Returns to Education Using a Sample ofTwins: Coping with the Problem of Unobserved Differencesin Ability 340

12ContentsReview QuestionsProblems 343342Selected Readings344AppendixCHAPTER109AA "Cobweb" Model of Labor Market AdjustmentWORKER MOBILITY: MIGRATION, IMMIGRATION, ANDThe Determinants of Worker MobilityGeographic Mobility 351TURNOVER345349350The Direction of Migratory Flows 351Personal Characteristics of Movers 352The Role of Distance 354The Earnings Distribution in Sending Countries and InternationalMigration 354The Returns to International and Domestic Migration 356Policy Application: Restricting Immigration359U.S. Immigration History 360Naive Views of Immigration363An Analysis of the Gainers and Losers 365Do the Overall Gains from Immigration Exceed the Losses? 371Employee Turnover374Wage Effects 374Effects of Employer Size 375Gender Differences 376Cyclical Effects 376Employer Location 377Is More Mobility Better? 377Example10.1The Great Migration: Southern Blacks Move North 353Example10.2Migration and One's Time Horizon 355Example10.3The Mariel Boatlift and Its Effects on Miami's Wageand Unemployment Rates 370Example10.4Illegal Immigrants, Personal Discount Rates, and Crime 373EmpiricalCHAPTER11StudyDo Political Refugees Invest More in Human Capital thanEconomic Immigrants? The Use of Synthetic Cohorts 378Review QuestionsProblems 381380Selected Readings382PAY AND PRODUCTIVITY: WAGE DETERMINATION WITHIN THEMotivating Workers: An Overview of the FundamentalsThe Employment Contract385FIRM 383385

Contents13Coping with Information Asymmetries386Motivating Workers 389Motivating the Individual in a Group 391Compensation Plans: Overview and Guide to the Rest ofthe Chapter 393Productivity and the Basis of Yearly Pay 393Employee Preferences 393Employer Considerations395Productivity and the Level of Pay401Why Higher Pay Might Increase Worker ProductivityEfficiency Wages 403Productivity and the Sequencing of Pay401404Underpayment Followed by OverpaymentPromotion Tournaments408Career Concerns and Productivity410404Applications of the Theory: Explaining Two PuzzlesWhy Do Earnings Increase with Job Tenure? 412Why Do Large Firms Pay More? 414Example11.1The Wide Range of Possible Productivities:That Could Not Cut Output 384Example11.2Calorie Consumption and the Type of PayExample1 1.3The Effects of Low Relative Pay on WorkerExample1 1.4Poor Group Incentives Doom the ShakersExample11.5Example1 1.6EmpiricalCHAPTER12StudyDid Henry Ford Pay Efficiency Wages?The “Rat Race" in Law Firms 410The Case of the Factory390Satisfaction397392402Are Workers Willing to Pay for Fairness? Using LaboratoryExperiments to Study Economic Behavior 416Review QuestionsProblems 419418Selected Readings420MARKETMeasured and Unmeasured Sources of EarningsDifferences 422GENDER, RACE, AND ETHNICITYEarningsEarningsandEarnings412IN THELABOR421Differences by Gender 423Differences between BlackWhite Americans 432Differences by Ethnicity 438Theories of Market Discrimination440Personal-Prejudice Models: Employer Discrimination441

50DiscriminationFederal Programs to End ectionRaceDiscriminationCaseof UmpiresFearandProgramsCanWeof MusiciansLathingCatch465Selected nceofUnionTotalofofof nsationEffectsEmployment509The448473The Activities and Tools of Collective BargainingTheIndustry472Union Structure and 12A Estimating Comparable-Worth Earnings Gaps: AnApplication of Regression Analysis 468UNIONS AND THE LABORThe461SymphonyMayininReview QuestionsProblems 466byin tractEffectivenessExampleofthe454508499462

mple13.1-Example13.2ProductivityofUnionsA DownwardTheE f516Selected redibleTheoryEffectsofof S.RigiditytheUnemploymentWhatIs theim'.i-iiimandNatural023 EHSDEHUnemployment?StudyofIs UnemploymentDoTheResults558Selected ng?InsurancePerspectiveReemploymentReview QuestionsProblems CompensationRateA nemploymentSeasonal Unemployment551When Do We Have Full Employment?Defining535(Cyclical) UnemploymentEfficiency519531Structural 491524Frictional otballandof StrikersA Stock-Flow Model of the Labor MarketTheforArbitration and the Bargaining Contract Zone13ARates510CurveonReplacementReview QuestionsProblems 517AppendixDemandof duceUnemployment?556514

Contents16CHAPTER15INEQUALITY INEARNINGS 561Measuring Inequality 562Earnings Inequality Since 1980: Some Descriptive Data 565The Increased Returns to Higher Education 569Growth of Earnings Dispersion within Human-Capital GroupsThe Underlying Causes of Growing Inequality572Changes in Supply 573570Changes in Demand: Technological Change 575Changes in Demand: Earnings Instability 578Changes in Institutional Forces 579Example15.1Differences in Earnings Inequality across DevelopedCountries 569Example1 5.2Changes in the Premium to Education at the Beginning of theTwentieth Century 571EmpiricalStudyDo Parents' Earnings Determine the Earnings of Their Children?The Use of Intergenerational Data in Studying EconomicMobility 580Review QuestionsProblems 583581Selected Readings 584Lorenz Curves and Gini CoefficientsAppendix15ACHAPTER16585THE LABOR-MARKET EFFECTS OF INTERNATIONAL TRADE ANDSHARINGPRODUCTION589Why Does Trade Take Place?590Trade between Individuals and the Principle of ComparativeAdvantage590The Incentives for Trade across Different Countries 592Effects of Trade on the Demand for Labor 596Product Demand Shifts 597Shifts in the Supply of Alternative Factors of Production 599The Net Effect on Labor Demand 601Will Wages Converge across Countries?Policy Issues 607605Subsidizing Human-Capital Investments608Income Support Programs 609Subsidized Employment610How Narrowly Should We Target Compensation?Summary 614611

ContentsExample16.1The Growth Effects of the Openness to Trade: Japan's SuddenMove to Openness in 1859 597Example16.2Could a Quarter of American Jobs Be Offshored? Might YourFuture Job Be among Them? 603EmpiricalStudy Evaluating European Active Labor Market Policies: The Use ofMeta-AnalysisReview QuestionsProblems 615614Selected Readings616612Answers to Odd-Numbered Review Questions and ProblemsName IndexSubject Index66767361717

The Hicks-Marshall Laws of Derived Demand 120 Estimates of Own-Wage Labor Demand Elasticities 123 Applying the Laws of Derived Demand: Inferential Analysis 125. 8 Contents The Cross-Wage Elasticity of Demand 127 Can the Laws of Derived Demand Be Applied to Cross-Elasticities? 128 Estimates Relating to Cross-Elasticities 130 Policy Application .

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