Efnisyfirlit

• Cover
• Reference Tables
• Half Title
• Title
• Copyright
• Contents
• Preface
• Acknowledgments
• 1 Introduction
  • The Labor Market
  • Labor Economics: Some Basic Concepts
    • Positive Economics
    • The Models and Predictions of Positive Economics
    • EXAMPLE 1.1 Positive Economics: What Does It Mean to “Understand” Behavior?
    • Normative Economics
    • EXAMPLE 1.2 Do We Need “Nudges” to Make the Right Decisions for Ourselves?
    • Normative Economics and Government Policy
    • Efficiency Versus Equity
  • Plan of the Text
  • Review Questions
  • Problems
  • Selected Readings
    • APPENDIX 1A
    • Statistical Testing of Labor Market Hypotheses
  • A Univariate Test
  • Multiple Regression Analysis
  • The Problem of Omitted Variables
  • Notes
• 2 Overview of the Labor Market
  • The Labor Market: Definitions, Facts, and Trends
    • The Labor Force and Unemployment
    • EXAMPLE 2.1 The Unemployment Consequences of the Sudden COVID-19 Lockdown in March 2020
    • Industries and Occupations: Adapting to Change
    • The Earnings of Labor
    • EXAMPLE 2.2 Real Wages Across Countries and Time: Big Macs per Hour Worked
  • How the Labor Market Works
    • The Demand for Labor
    • The Supply of Labor
    • The Determination of the Wage
    • EXAMPLE 2.3 The Black Death and the Wages of Labor
    • EXAMPLE 2.4 Prosecuting Workers Who Leave Their Employers
  • Applications of the Theory
    • Who Is Underpaid and Who Is Overpaid?
    • Unemployment and Responses to Technological Change Across Countries
    • EMPIRICAL STUDY 2.1 PAY LEVELS AND THE SUPPLY OF MILITARY OFFICERS: OBTAINING SAMPLE VARIATION FROM CROSS-SECTION DATA
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
• 3 The Demand for Labor
  • Profit Maximization
    • Marginal Income From an Additional Unit of Input
    • EXAMPLE 3.1 The Marginal Revenue Product of College Football Stars
    • Marginal Expense of an Added Input
  • The Short-Run Demand for Labor When Both Product and Labor Markets Are Competitive
    • A Critical Assumption: Declining MPL
    • From Profit Maximization to Labor Demand
  • The Demand for Labor in Competitive Markets When Other Inputs Vary
    • Labor Demand in the Long Run
    • EXAMPLE 3.2 Coal Mining Wages and Capital Substitution
    • More Than Two Inputs
  • Labor Demand When the Product Market Is Not Competitive
    • Maximizing Monopoly Profits
    • Do Monopolies Pay Higher Wages?
  • Policy Application: The Labor Market Effects of Employer Payroll Taxes and Wage Subsidies
    • Who Bears the Burden of a Payroll Tax?
    • Employment Subsidies as a Device to Help Unemployed People
    • EMPIRICAL STUDY 3.1 DO WOMEN PAY FOR EMPLOYER-FUNDED MATERNITY BENEFITS? USING CROSS-SECTION DATA OVER TIME TO ANALYZE “DIFFERENCES IN DIFFERENCES”
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
    • APPENDIX 3A Graphical Derivation of a Firm’s Labor Demand Curve
  • The Production Function
  • Demand for Labor in the Short Run
  • Demand for Labor in the Long Run
    • Conditions for Cost Minimization
    • The Substitution Effect
    • The Scale Effect
    • Notes
• 4 Labor Demand Elasticities
  • The Own-Wage Elasticity of Demand
    • The Hicks–Marshall Laws of Derived Demand
    • Estimates of Own-Wage Labor Demand Elasticities
    • Applying the Laws of Derived Demand: Inferential Analysis
    • EXAMPLE 4.1 Why Are Union Wages So Different in Two Parts of the Trucking Industry?
  • The Cross-Wage Elasticity of Demand
    • Can the Laws of Derived Demand Be Applied to Cross-Elasticities?
    • Estimates Relating to Cross-Elasticities
  • Policy Application: Effects of Minimum-Wage Laws
    • History and Description
    • Employment Effects: Theoretical Analysis
    • Employment Effects: Empirical Estimates
    • EXAMPLE 4.2 The Employment Effects of the First U.S. Federal Minimum Wage
    • Does the Minimum Wage Fight Poverty?
    • “Living Wage” Laws
  • Applying Concepts of Labor Demand Elasticity to the Issue of Technological Change
    • EXAMPLE 4.3 Do Robots and Online Hiring Platforms Create or Destroy Jobs?
    • EMPIRICAL STUDY 4.1 ESTIMATING THE LABOR DEMAND CURVE: TIME SERIES DATA AND COPING WITH “SIMULTANEITY”
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
• 5 Frictions in the Labor Market
  • Frictions on the Employee Side of the Market
    • The Law of One Price
    • Monopsonistic Labor Markets: A Definition
    • Profit Maximization Under Monopsonistic Conditions
    • EXAMPLE 5.1 Monopsony Power in Labor Markets: The Case of Antitrust in the High-Tech Industry
    • How Do Monopsonistic Firms Respond to Shifts in the Supply Curve?
    • Monopsonistic Conditions and the Employment Response to Minimum-Wage Legislation
    • Job-Search Costs and Other Labor Market Outcomes
    • Monopsonistic Conditions and the Relevance of the Competitive Model
  • Frictions on the Employer Side of the Market
    • Categories of Quasi-fixed Costs
    • EXAMPLE 5.2 Does Employment-Protection Legislation Protect Workers?
    • The Employment/Hours Trade-Off
    • EXAMPLE 5.3 “Renting” Workers as a Way of Coping With Hiring Costs
  • Training Investments
    • The Training Decision of Employers
    • The Types of Training
    • EXAMPLE 5.4 General Training and Training Contracts
    • Training and Post-Training Wage Increases
    • Employer Training Investments and Recessionary Layoffs
  • Hiring Investments
    • The Use of Credentials
    • Internal Labor Markets
    • How Can the Employer Recoup Its Hiring Investments?
    • EMPIRICAL STUDY 5.1 WHAT EXPLAINS WAGE DIFFERENCES FOR WORKERS WHO APPEAR SIMILAR? USING PANEL DATA TO DEAL WITH UNOBSERVED HETEROGENEITY
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
• 6 Supply of Labor to the Economy: The Decision to Work
  • Trends in Labor Force Participation and Hours of Work
    • Labor Force Participation Rates
    • Hours of Work
    • EXAMPLE 6.1 Gig Work and the Choice of Working Hours
  • A Theory of the Decision to Work
    • Some Basic Concepts
    • Analysis of the Labor/Leisure Choice
    • EXAMPLE 6.2 The Labor Supply of New York City Taxi Drivers
    • EXAMPLE 6.3 Do Large Inheritances Induce Labor Force Withdrawal?
    • Empirical Findings on the Income and Substitution Effects
    • EXAMPLE 6.4 Daily Labor Supply at the Ballpark
    • EXAMPLE 6.5 Labor Supply Effects of Income Tax Cuts
  • Policy Applications
    • Budget Constraints With “Spikes”
    • EXAMPLE 6.6 Staying Around One’s Kentucky Home: Workers’ Compensation Benefits and the Return to Work
    • Programs With Net Wage Rates of Zero
    • Subsidy Programs With Positive Net Wage Rates
    • EXAMPLE 6.7 Wartime Food Requisitions and Agricultural Work Incentives
    • EMPIRICAL STUDY 6.1 ESTIMATING THE INCOME EFFECT AMONG LOTTERY WINNERS: THE SEARCH FOR “EXOGENEITY”
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
• 7 Labor Supply Household Production, the Family, and the Life Cycle
  • A Labor Supply Model That Incorporates Household Production
    • The Basic Model for an Individual: Similarities With the Labor-Leisure Model
    • The Basic Model for an Individual: Some New Implications
    • EXAMPLE 7.1 Obesity and the Household Production Model
  • Joint Labor Supply Decisions in the Household
    • Specialization of Function
    • Do Both Partners Work for Pay?
    • The Joint Decision and Interdependent Productivity at Home
    • Labor Supply in Recessions: The “Discouraged” Versus the “Added” Worker
    • EXAMPLE 7.2 Child Labor in Poor Countries
  • Life Cycle Aspects of Labor Supply
    • The Substitution Effect and When to Work Over a Lifetime
    • EXAMPLE 7.3 How Does Labor Supply Respond to Housing Subsidies?
    • The Choice of Retirement Age
    • EXAMPLE 7.4 Inducing Earlier Retirement in the 1930s
  • Policy Application: Childcare and Labor Supply
    • Childcare Subsidies
    • Child Support Assurance
    • EMPIRICAL STUDY 7.1 THE EFFECTS OF WAGE INCREASES ON LABOR SUPPLY (AND SLEEP): TIME-USE DIARY DATA AND SAMPLE SELECTION BIAS
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
• 8 Compensating Wage Differentials and Labor Markets
  • Job Matching: The Role of Worker Preferences and Information
    • Individual Choice and Its Outcomes
    • Assumptions and Predictions
    • Empirical Tests for Compensating Wage Differentials
    • EXAMPLE 8.1 Working on the Railroad: Making a Bad Job Good
  • Hedonic Wage Theory and the Risk of Injury
    • Employee Considerations
    • Employer Considerations
    • The Matching of Employers and Employees
    • EXAMPLE 8.2 Parenthood, Occupational Choice, and Risk
    • EXAMPLE 8.3 Indentured Servitude and Compensating Differentials
    • Normative Analysis: Occupational Safety and Health Regulation
  • Hedonic Wage Theory and Employee Benefits
    • Employee Preferences
    • Employer Preferences
    • The Joint Determination of Wages and Benefits
    • Policy EXAMPLE: Employer-Provided Healthcare Benefits
    • EMPIRICAL STUDY 8.1 HOW RISKY ARE ESTIMATES OF COMPENSATING WAGE DIFFERENTIALS FOR RISK? THE “ERRORS IN VARIABLES” PROBLEM
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
    • APPENDIX 8A Compensating Wage Differentials and Layoffs
  • Unconstrained Choice of Work Hours
  • Constrained Hours of Work
  • The Effects of Uncertain Layoffs
  • The Observed Wage–Layoff Relationship
  • Notes
• 9 Investments in Human Capital Education and Training
  • EXAMPLE 9.1 War and Human Capital
  • Human Capital Investments: The Basic Model
    • The Concept of Present Value
    • Modeling the Human Capital Investment Decision
  • The Demand for a College Education
    • Weighing the Costs and Benefits of College
    • Predictions of the Theory
    • EXAMPLE 9.2 Can Language Affect Investment Behavior?
    • EXAMPLE 9.3 Did the G.I. Bill Increase Educational Attainment for Returning World War II Veterans?
    • EXAMPLE 9.4 When Investments in Human Capital Are Less Risky Than Investments in Physical Assets
    • Market Responses to Changes in College Attendance
  • Education, Earnings, and Post-Schooling Investments in Human Capital
    • Average Earnings and Educational Level
    • On-the-Job Training and the Concavity of Age–Earnings Profiles
    • The Fanning Out of Age–Earnings Profiles
    • Women and the Acquisition of Human Capital
  • Is Education a Good Investment?
    • Is Education a Good Investment for Individuals?
    • EXAMPLE 9.5 Valuing a Human Asset: The Case of the Divorcing Doctor
    • Is Education a Good Social Investment?
    • EXAMPLE 9.6 The Socially Optimal Level of Educational Investment
    • Is Public Sector Training a Good Social Investment?
    • EMPIRICAL STUDY 9.1 ESTIMATING THE RETURNS TO EDUCATION BY USING A SAMPLE OF TWINS: COPING WITH THE PROBLEM OF UNOBSERVED DIFFERENCES IN ABILITY
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
    • APPENDIX 9A A “Cobweb” Model of Labor Market Adjustment
  • An Example of “Cobweb” Adjustments
  • Adaptive Expectations
  • Rational Expectations
  • Notes
• 10 Worker Mobility: Migration, Immigration, and Turnover
  • The Determinants of Worker Mobility
  • Geographic Mobility
    • The Direction of Migratory Flows
    • EXAMPLE 10.1 The Great Migration: U.S. Southern Black People Move North
    • Personal Characteristics of Migrants
    • The Role of Distance
    • The Earnings Distribution in Sending Countries and International Migration
    • EXAMPLE 10.2 Migration and One’s Time Horizon
    • The Returns to International and Domestic Migration
  • Policy Application: Restricting Immigration
    • U.S. Immigration History
    • Naive Views of Immigration
    • An Analysis of the Gainers and Losers
    • Do the Overall Gains From Immigration Exceed the Losses?
    • EXAMPLE 10.3 Illegal Immigrants, Personal Discount Rates, and Crime
    • EXAMPLE 10.4 Immigrants and Labor Mobility in the United States
  • Employee Turnover
    • Age Effects
    • Wage Effects
    • Effects of Employer Size
    • Cyclical Effects
    • Employer Location
    • Is More Mobility Better?
    • EMPIRICAL STUDY 10.1 DO POLITICAL REFUGEES INVEST MORE IN HUMAN CAPITAL THAN ECONOMIC IMMIGRANTS DO? THE USE OF SYNTHETIC COHORTS
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
• 11 Pay and Productivity Wage Determination Within the Firm
  • EXAMPLE 11.1 The Wide Range of Possible Productivities: The Case of the Factory that Could Not Cut Output
  • Motivating Workers: An Overview of the Fundamentals
    • The Employment Contract
    • Coping With Information Asymmetries
    • Motivating Workers
    • EXAMPLE 11.2 Calorie Consumption and Type of Pay
    • Motivating the Individual in a Group
    • EXAMPLE 11.3 The Effects of Low Relative Pay on Worker Satisfaction
    • Compensation Plans: Overview and Guide to the Rest of the Chapter
  • Productivity and the Basis of Yearly Pay
    • Employee Preferences
    • Employer Considerations
    • EXAMPLE 11.4 Poor Group Incentives Doom the Shakers
  • Productivity and the Level of Pay
    • Why Higher Pay Might Increase Worker Productivity
    • Efficiency Wages
    • EXAMPLE 11.5 Did Henry Ford Pay Efficiency Wages?
  • Productivity and the Sequencing of Pay
    • Underpayment Followed by Overpayment
    • Promotion Tournaments
    • EXAMPLE 11.6 The “Rat Race” in Law Firms
    • Career Concerns and Productivity
  • Applications of the Theory: Explaining Two Puzzles
    • Why Do Earnings Increase With Job Tenure?
    • Why Do Large Firms Pay More?
    • EMPIRICAL STUDY 11.1 ARE WORKERS WILLING TO PAY FOR FAIRNESS? USING LABORATORY EXPERIMENTS TO STUDY ECONOMIC BEHAVIOR
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
• 12 Gender, Race, and Ethnicity in the Labor Market
  • Measured and Unmeasured Sources of Earnings Differences
    • Earnings Differences by Gender
    • EXAMPLE 12.1 Bias in the Selection of Musicians by Symphony Orchestras
    • EXAMPLE 12.2 Does Gig Work Eliminate the Gender Pay Gap?
    • Earnings Differences Between Black Americans and White Americans
    • EXAMPLE 12.3 Race Discrimination Might “Strike” When Few Are Looking: The Case of Umpires in Major League Baseball
    • Earnings Differences by Ethnicity
  • Theories of Market Discrimination
    • Personal-Prejudice Models: Employer Discrimination
    • Personal-Prejudice Models: Customer Discrimination
    • Personal-Prejudice Models: Employee Discrimination
    • EXAMPLE 12.4 Fear and Lathing in the Michigan Furniture Industry
    • Statistical Discrimination
    • EXAMPLE 12.5 “Ban the Box” and Statistical Discrimination
    • Noncompetitive Models of Discrimination
    • A Final Word on the Theories of Discrimination
  • Federal Programs to End Discrimination
    • Equal Pay Act of 1963
    • Title VII of the Civil Rights Act
    • EXAMPLE 12.6 Comparable Worth and the University
    • The Federal Contract Compliance Program
    • Effectiveness of Federal Antidiscrimination Programs
    • EMPIRICAL STUDY 12.1 CAN WE CATCH DISCRIMINATORS IN THE ACT? THE USE OF FIELD EXPERIMENTS IN IDENTIFYING LABOR MARKET DISCRIMINATION
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
    • APPENDIX 12A Estimating Comparable-Worth Earnings Gaps: An Application of Regression Analysis
    • APPENDIX 12B Estimating the Gender Pay Gap in a Large International Company
  • Notes
• 13 Unions and the Labor Market
  • Union Structure and Membership
    • International Comparisons of Unionism
    • The Legal Structure of Unions in the United States
    • Constraints on the Achievement of Union Objectives
    • EXAMPLE 13.1 A Downward-Sloping Demand Curve for Football Players
    • The Monopoly-Union Model
    • The Efficient-Contracts Model
  • The Activities and Tools of Collective Bargaining
    • Union Membership: An Analysis of Demand and Supply
    • EXAMPLE 13.2 The Effects of Deregulation on Trucking and Airlines
    • Union Actions to Alter the Labor Demand Curve
    • Bargaining and the Threat of Strikes
    • EXAMPLE 13.3 Permanent Replacement of Strikers
    • Bargaining in the Public Sector: The Threat of Arbitration
  • The Effects of Unions
    • The Theory of Union Wage Effects
    • Evidence of Union Wage Effects
    • Evidence of Union Total Compensation Effects
    • The Effects of Unions on Employment
    • The Effects of Unions on Productivity and Profits
    • Normative Analyses of Unions
    • EMPIRICAL STUDY 13.1 WHAT IS THE GAP BETWEEN UNION PAY AND NONUNION PAY? THE IMPORTANCE OF REPLICATION IN PRODUCING CREDIBLE ESTIMATES
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
    • APPENDIX 13A Arbitration and the Bargaining Contract Zone
  • Notes
• 14 Unemployment
  • A Stock-Flow Model of the Labor Market
    • Duration of Unemployment
    • Paths to Unemployment
  • Rates of Flow Affect Unemployment Levels
  • Frictional Unemployment
    • The Theory of Job Search
    • EXAMPLE 14.1 How Discerning Should Unemployed People Be in the Search for Work?
    • Effects of Unemployment Insurance Benefits
  • Structural Unemployment
    • Occupational and Regional Unemployment Rate Differences
    • EXAMPLE 14.2 Structural Unemployment as a Threat to Social Well-Being
    • International Differences in Long-Term Unemployment
    • Whether Efficiency Wages Cause Structural Unemployment
  • Demand-Deficient (Cyclical) Unemployment
    • Downward Wage Rigidity
    • EXAMPLE 14.3 Nominal Wage Cuts for Construction Workers in the Great Recession
    • EXAMPLE 14.4 Recessions and Worker Effort
    • Financing U.S. Unemployment Compensation
  • Seasonal Unemployment
    • EXAMPLE 14.5 Unemployment Insurance and Seasonal Unemployment: A Historical Perspective
  • When Do We Have Full Employment?
    • Defining the Natural Rate of Unemployment
    • Unemployment and Demographic Characteristics
    • What Is the Natural Rate?
    • Empirical Study 14.1 Do Re-employment Bonuses Reduce Unemployment? The Results of Social Experiments
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
• 15 Inequality in Earnings
  • Measuring Inequality
  • Earnings Inequality Since 1980: Some Descriptive Data
    • EXAMPLE 15.1 Differences in Earnings Inequality Across Developed Countries
    • The Increased Returns of Higher Education
    • EXAMPLE 15.2 Changes in the Premium to Education at the Beginning of the Twentieth Century
    • Growth of Earnings Dispersion in Human-Capital Groups
  • The Underlying Causes of Growing Inequality
    • Changes in Supply
    • Changes in Demand: Technological Change
    • EXAMPLE 15.3 Will Machine Learning Increase Earnings Inequality?
    • EXAMPLE 15.4 Are Early Childhood Programs a Vehicle for Reducing Earnings Inequality?
    • Changes in Institutional Forces
  • Is Inequality Inherited?
    • EMPIRICAL STUDY 15.1 DO PARENTS’ EARNINGS DETERMINE THE EARNINGS OF THEIR CHILDREN? THE USE OF INTERGENERATIONAL DATA IN STUDYING ECONOMIC MOBILITY
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
    • APPENDIX 15A Lorenz Curves and Gini Coefficients
  • Notes
• 16 The Labor Market Effects of International Trade and Production Sharing
  • Why Does Trade Take Place?
    • Trade Between Individuals and the Principle of Comparative Advantage
    • The Incentives for Trade Across Different Countries
    • EXAMPLE 16.1 The Growth Effects of the Openness to Trade: Japan’s Sudden Move to Openness in 1859
  • Effects of Trade on the Demand for Labor
    • Product Demand Shifts
    • Shifts in the Supply of Alternative Factors of Production
    • The Net Effect on Labor Demand
    • EXAMPLE 16.2 Could a Quarter of U.S. Jobs Be Offshored? Might Your Future Job Be Among Them?
  • Will Wages Converge Across Countries?
  • Policy Issues
    • Subsidizing Human-Capital Investments
    • Income Support Programs
    • Subsidized Employment
    • How Narrowly Should We Target Compensation?
    • EMPIRICAL STUDY 16.1 EVALUATING EUROPEAN ACTIVE LABOR MARKET POLICIES: THE USE OF META-ANALYSIS
  • Summary
  • Review Questions
  • Problems
  • Notes
  • Selected Readings
• Answers to Odd-Numbered Review Questions and Problems
• Index

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