Contemporary Labor Economics

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  • Edition: 8th
  • Format: Hardcover
  • Copyright: 2007-10-05
  • Publisher: McGraw-Hill/Irwin
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Contemporary Labor Economics, 8epresents the "new" labor economics. In the past, study of labor was highly descriptive, emphasizing historical developments, facts, institutions, and legal considerations. Labor markets and unemployment was given some attention, but the analysis was typically minimal. This state of affairs has changed significantly in recent decades. Economists have achieved important breakthroughs in studying labor markets and problems. Labor economics is increasingly an applied field of micro and macro theory and has become a critical part of the core of analytical economics. As a result, the focus of the text is on the "new" labor economics. However, it also presents traditional topics such as labor law, structure of unions, and collective bargaining since these issues also play an important role in labor markets. In the Eighth Edition, the authors deliver new and updated discussions of public policy issues. Additionally, the text's integrated focus on global aspects of U.S. labor markets has continued and been expanded with this edition.

Table of Contents

Prefacep. iv
Labor Economics: Introduction and Overviewp. 1
Labor Economics as a Disciplinep. 1
The "Old" and the "New"p. 3
Economic Perspectivep. 4
Gary Becker: Nobel Laureatep. 6
Overviewp. 6
Lotto Winners: Who Quit?p. 10
Payoffsp. 11
The Theory of Individual Labor Supplyp. 14
The Work-Leisure Decision: Basic Modelp. 14
Sleep Time Linked to Earningsp. 30
Applying and Extending the Modelp. 31
The Carnegie Conjecturep. 35
More Flexible Work Schedulesp. 37
New Overtime Rulesp. 38
The Labor Supply Impact of the Earned Income Tax Creditp. 46
Population, Participation Rates, and Hours of Workp. 52
The Population Basep. 53
Becker's Model: The Allocation of Timep. 54
The Changing Face of Americap. 55
Participation Rates: Defined and Measuredp. 59
Secular Trend of Participation Ratesp. 60
Fewer Teens Have Summer Jobsp. 61
The Later Male Retirement Puzzlep. 65
Many Wives Outearn Their Husbandsp. 67
The Power of the Pillp. 70
Family and Medical Leave Act of 1993p. 74
Cyclic Changes in Participation Ratesp. 76
Hours of Work: Two Trendsp. 78
Time Stressp. 80
Labor Quality: Investing in Human Capitalp. 85
Investment in Human Capital: Concept and Datap. 86
The Human Capital Modelp. 87
Recessions and the College Enrollment Ratep. 95
Twins, Education, and Earningsp. 97
Higher Education: Making the Right Choicesp. 101
Human Capital Investment and the Distribution of Earningsp. 104
Reversal of the College Gender Gapp. 110
On-the-Job Trainingp. 112
Criticisms of Human Capital Theoryp. 119
How Much Is a Standardized Test Point Worth?p. 123
The Demand for Laborp. 128
Derived Demand for Laborp. 128
A Firm's Short-Run Production Functionp. 129
Short-Run Demand for Labor: The Perfectly Competitive Sellerp. 134
Short-Run Demand for Labor: The Imperfectly Competitive Sellerp. 136
The Long-Run Demand for Laborp. 139
Why Has Manufacturing Employment Fallen?p. 143
The Market Demand for Laborp. 143
Comparative Advantage and the Demand for Laborp. 146
Elasticity of Labor Demandp. 146
Determinants of Demand for Laborp. 152
Offshore Outsourcing of White-Collar Jobsp. 156
Real-World Applicationsp. 156
Occupational Employment Trendsp. 158
Isoquant-Isocost Analysis of the Long-Run Demand for Laborp. 164
Isoquant Curvesp. 164
Isocost Curvesp. 166
Least-Cost Combination of Capital and Laborp. 167
Deriving the Long-Run Labor Demand Curvep. 168
Wage Determination and the Allocation of Laborp. 171
Theory of a Perfectly Competitive Labor Marketp. 171
The Fall and Rebound of Real Earnings, 1979-2006p. 177
Wage and Employment Determination: Monopoly in the Product Marketp. 181
Monopsonyp. 183
Unions and Wage Determinationp. 187
Pay and Performance in Professional Baseballp. 188
The WTO, Trade Liberalization, and Labor Standardsp. 191
Has Deunionization Increased Earnings Inequality?p. 197
Bilateral Monopolyp. 198
NAFTA and American Laborp. 201
Wage Determination: Delayed Supply Responsesp. 201
Do Medical Students Know How Much Doctors Earn?p. 204
Alternative Pay Schemes and Labor Efficiencyp. 210
Economics of Fringe Benefitsp. 210
Theory of Optimal Fringe Benefitsp. 213
Does Health Insurance Cause "Job Lock"?p. 219
The Principal-Agent Problemp. 220
Pay for Performancep. 221
Why Is There Academic Tenure?p. 223
Participant Direction in Pension Plansp. 229
Efficiency Wage Paymentsp. 232
What Is a Good CEO Worth?p. 233
The Ford Motor Company's $5 per Day Wagep. 236
Labor Market Efficiency Revisitedp. 238
The Wage Structurep. 243
Perfect Competition: Homogeneous Workers and Jobsp. 243
The Wage Structure: Observed Differentialsp. 244
Wage Differentials: Heterogeneous Jobsp. 247
The Economics of the Oldest Professionp. 250
Wage Inequality and Skill-Biased Technological Changep. 254
Smoking Is Bad for Your Financial Healthp. 256
Wage Differentials: Heterogeneous Workersp. 256
Do Former College Athletes Earn More Than Nonathletes?p. 259
The Hedonic Theory of Wagesp. 260
Compensating Pay for Shift Workp. 264
Placing a Value on Human Lifep. 266
Wage Differentials: Labor Market Imperfectionsp. 266
Mobility, Migration, and Efficiencyp. 275
Types of Labor Mobilityp. 275
Migration as an Investment in Human Capitalp. 277
Determinants of Occupational Tenurep. 278
The Determinants of Migration: A Closer Lookp. 279
The Consequences of Migrationp. 283
Capital and Product Flowsp. 293
U.S. Immigration Policy and Issuesp. 295
Human Traffickingp. 297
What Jobs Do Illegal Aliens Hold?p. 301
Labor Unions and Collective Bargainingp. 305
Why Unions?p. 305
Labor Unionism: Facts and Figuresp. 306
A Divorce in the Union Movementp. 312
Unionism's Declinep. 315
Should the Right to Hire Permanent Strikebreakers Be Rescinded?p. 319
Will the Internet Help Revive Unions?p. 323
What Do Unions Want?p. 324
Strikes and the Bargaining Processp. 328
The Economic Impact of Unionsp. 335
The Union Wage Advantagep. 335
A Tale of Two Industriesp. 343
The Highest-Paid Blue-Collar Workersp. 344
Efficiency and Productivityp. 346
Labor Strife and Product Qualityp. 351
Unions and Investmentp. 357
Firm Profitabilityp. 357
Distribution of Earningsp. 359
Other Issues: Inflation, Unemployment, and Income Sharesp. 363
Government and the Labor Market: Employment, Expenditures, and Taxationp. 368
Public Sector Employment and Wagesp. 369
What Do Government Workers Do?p. 371
Public Sector Unions: Are They Unique?p. 374
The Military Sector: The Draft versus the Voluntary Armyp. 375
Nonpayroll Spending by Government: Impact on Laborp. 378
Private Military Companiesp. 379
Labor Market Effects of Publicly Provided Goods and Servicesp. 381
Income Taxation and the Labor Marketp. 384
Who Pays the Social Security Payroll Tax?p. 391
Government and the Labor Market: Legislation and Regulationp. 394
Labor Lawp. 394
Minimum Wage Lawp. 399
Living Wage Lawsp. 405
Occupational Health and Safety Regulationp. 407
The Effect of Workers' Compensation on Job Safetyp. 415
Government as a Rent Providerp. 416
Lawyers Attempt to Disbar Competition from Softwarep. 420
Labor Market Discriminationp. 425
Gender and Racial Differencesp. 425
The Gender Pay Gap: An International Comparisonp. 427
Discrimination and Its Dimensionsp. 432
It Pays to Be Good-Lookingp. 434
Taste for Discrimination Modelp. 435
Competition and Discriminationp. 439
Theory of Statistical Discriminationp. 440
The Crowding Model: Occupational Segregationp. 442
Women's Entry into Selected Professionsp. 448
Cause and Effect: Nondiscriminatory Factorsp. 449
The Gender Pay Gap: Slowing Convergencep. 453
Antidiscrimination Policies and Issuesp. 454
Orchestrating Impartialityp. 457
Job Search: External and Internalp. 463
External Job Searchp. 464
Job Search and the Internetp. 466
Internal Labor Marketsp. 471
Are Long-Term Jobs Vanishing?p. 472
The Distribution of Personal Earningsp. 483
Describing the Distribution of Earningsp. 483
Explaining the Distribution of Earningsp. 489
Mobility within the Earnings Distributionp. 497
Cross-Country Differences in Earnings Mobility Across Generationsp. 498
Government Employment and the Earnings Distributionp. 499
Rising Earnings Inequalityp. 500
Labor Productivity: Wages, Prices, and Employmentp. 508
The Productivity Conceptp. 508
Importance of Productivity Increasesp. 512
Long-Run Trend of Labor Productivityp. 516
Is Public Capital Productive?p. 519
Cyclic Changes in Productivityp. 521
Productivity and Employmentp. 524
A "New Economy"?p. 530
Employment and Unemploymentp. 536
Employment and Unemployment Statisticsp. 536
New Data on Job Gains and Lossesp. 543
Macroeconomic Output and Employment Determinationp. 545
Frictional Unemploymentp. 547
Structural Unemploymentp. 549
Downsizing and College Graduatesp. 551
The Danish Flexicurity Modelp. 552
Demand-Deficient Unemploymentp. 553
The Distribution of Unemploymentp. 556
Reducing Unemployment: Public Policiesp. 559
Information Sources in Labor Economicsp. 565
Sources of Labor Statisticsp. 565
Applications, New Theories, Emerging Evidencep. 573
Textbooks and Research Surveysp. 579
Glossaryp. 581
Answers to "Your Turn" Questionsp. 596
Name Indexp. 600
Subject Indexp. 607
Table of Contents provided by Ingram. All Rights Reserved.

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