The Economics of Imperfect Labor Markets

Author: Tito Boeri
Publisher: Princeton University Press
ISBN: 9781400848195
Release Date: 2013-09-08
Genre: Business & Economics

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 (with solutions at www.press.princeton.edu) 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

Monopsony in Motion

Author: Alan Manning
Publisher: Princeton University Press
ISBN: 9781400850679
Release Date: 2013-12-03
Genre: Business & Economics

What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.

Personnel Economics in Imperfect Labour Markets

Author: Pietro Garibaldi
Publisher: OUP Oxford
ISBN: 0191535729
Release Date: 2006-03-16
Genre: Business & Economics

Personnel economics, the use of economics for studying human resource issues, is becoming a standard course in business and economics departments around the world. Indeed, after being successfully introduced in North American business schools, the teaching of personnel economics is now growing in Europe and in the rest of the world. Yet, most of the traditional analysis of personnel economics assumes a perfectly competitive labour market, a situation in which wages are fully flexible and dismissals can take place at no cost. Such a setting is inappropriate for most European markets, where wage rigidity and wage compression are widespread phenomena, and where employment protection legislation is very stringent. Personnel Economics in Imperfect Labour Markets aims to describe key personnel issues when firms and human resource managers act in highly regulated labour markets. Written to be accessible to students, the book provides original answers to questions which have previously been left to specialized academic journals. Should hiring take place under temporary or permanent contracts? How can we provide compensation related incentives when minimum wages are binding? How de we solve the employment/hours trade-off? These questions and more are discussed within the text.

Labor Markets and Business Cycles

Author: Robert Shimer
Publisher: Princeton University Press
ISBN: 1400835232
Release Date: 2010-04-12
Genre: Business & Economics

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.

Labor Markets and Employment Relationships

Author: Joyce Jacobsen
Publisher: John Wiley & Sons
ISBN: 9781405142304
Release Date: 2008-04-15
Genre: Business & Economics

This innovative text grounds the economic analysis of labor markets and employment relationships in a unified theoretical treatment of labor exchange conditions. In addition to providing thorough coverage of standard topics including labor supply and demand, human capital theory, and compensating wage differentials, the text draws on game theory and the economics of information to study the implications of key departures from perfectly competitive labor market conditions. Analytical results are consistently applied to contemporary policy issues and empirical debates. Provides a coherent theoretical framework for the analysis of labor market phenomena Features graphical in-chapter analysis supplemented by technical material in appendices Incorporates numerous end-of-chapter questions that engage the analysis and anticipate subsequent results Includes innovative chapters on employee compensation methods, market segmentation, income inequality and labor market dynamics Balances theoretical, empirical and policy analysis

Handbook of Labor Economics

Author: Orley Ashenfelter
Publisher: Elsevier
ISBN: 9780444534538
Release Date: 2010-10-27
Genre: Business & Economics

What factors affect the ways individuals participate in labor markets? "New Developments and Research on Labor Markets" (volume 4B) proposes answers to this and other questions on important topics of public policy. Leading labor economists demonstrate how better data and advanced experiments help them apply economic theory, yielding sharper analyses and conclusions. The combinations of these improved empirical findings with new models enable the authors of these chapters to reveal how labor economists are developing new and innovative ways to measure key parameters and test important hypotheses. Concentrates on empirical research in specific labor markets, including those defined by age, gender, and race Reveals how questions and answers about these markets have changed and how models measure them Documents how conceptual models and empirical work explain important practical issues

Labor Economics

Author: Pierre Cahuc
Publisher: MIT Press
ISBN: 9780262027700
Release Date: 2014-08-15
Genre: Business & Economics

A comprehensive graduate-level text and professional reference covering all aspects of labor economics.

Labor Economics

Author: Derek Laing
Publisher: W. W. Norton & Company
ISBN: 9780393979527
Release Date: 2011-04-27
Genre: Business & Economics

Labor Economics has comprehensive coverage, and gives instructors the flexibility to tailor their text precisely to the course that they want to teach. The text stresses problem solving, with several Worked Problems in each chapter, and includes leading-edge pedagogy to help students better understand and master the material.

The New Macroeconomics

Author: Huw David Dixon
Publisher: Cambridge University Press
ISBN: 0521479479
Release Date: 1995-10-19
Genre: Business & Economics

Brings together leading researchers from the USA and Europe to examine the literature on the new macroeconomics.

The Oxford Handbook of the Economics of Networks

Author: Yann Bramoullé
Publisher: Oxford University Press
ISBN: 9780190216832
Release Date: 2016-03-01
Genre: Technology & Engineering

The Oxford Handbook of the Economics of Networks represents the frontier of research into how and why networks they form, how they influence behavior, how they help govern outcomes in an interactive world, and how they shape collective decision making, opinion formation, and diffusion dynamics. From a methodological perspective, the contributors to this volume devote attention to theory, field experiments, laboratory experiments, and econometrics. Theoretical work in network formation, games played on networks, repeated games, and the interaction between linking and behavior is synthesized. A number of chapters are devoted to studying social process mediated by networks. Topics here include opinion formation, diffusion of information and disease, and learning. There are also chapters devoted to financial contagion and systemic risk, motivated in part by the recent financial crises. Another section discusses communities, with applications including social trust, favor exchange, and social collateral; the importance of communities for migration patterns; and the role that networks and communities play in the labor market. A prominent role of networks, from an economic perspective, is that they mediate trade. Several chapters cover bilateral trade in networks, strategic intermediation, and the role of networks in international trade. Contributions discuss as well the role of networks for organizations. On the one hand, one chapter discusses the role of networks for the performance of organizations, while two other chapters discuss managing networks of consumers and pricing in the presence of network-based spillovers. Finally, the authors discuss the internet as a network with attention to the issue of net neutrality.

Fundamentals of Labor Economics

Author: Thomas Hyclak
Publisher: Cengage Learning
ISBN: 9781133561583
Release Date: 2012-12-05
Genre: Business & Economics

Labor Economics, 2e covers the essential aspects of modern labor economics from an international perspective, providing students with a comprehensive survey of economic theory and empirical evidence on purely competitive labor markets. In addition, the authors examine the impact of imperfect competition, incomplete information and uncertainty, and institutional factors--stemming from laws, unions, and human resource policies--on wages and employment opportunities. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

Introductory Microeconomics

Author: Michael Veseth
Publisher: Academic Press
ISBN: 9781483258348
Release Date: 2014-05-10
Genre: Business & Economics

Introductory Microeconomics explains the basic principles of microeconomics, producer and consumer choices, resource markets, and government policies. The book describes the economics of exchange, such as the role of economic growth, factors that determine the amount and types of exchange, the supply and demand model of market operations, price setting, price changes, and the impact of one market on other markets. The text also explains market failures in terms of free market choice, externalities of failures, monopolies, as well as scarcity and choices leading to poverty. When economic policies are considered by the state, there are trade-offs that are necessary in the exchange. Before the government should make decisions, it always has to consider two opportunity costs, namely, 1) budget constraints, and 2) the opportunity cost of the funds spent in the private sector. For example (no. 1), if more money is spent on transfer payments, less will be left for education, national defense, infrastructure. Another example (no. 2) is when the government collects taxes, a direct loss in real income and utility among consumers will result. The book also presents real world economics in terms of the social security tax in the United States. The book can prove valuable for students of economics or business, sociologists, general readers interested in real-world economics, and policy makers involved in national economic development.

Uncertainty in Economics

Author: Peter Diamond
Publisher: Academic Press
ISBN: 9781483264509
Release Date: 2014-05-10
Genre: Business & Economics

Uncertainty in Economics: Readings and Exercises provides information pertinent to the fundamental aspects of the economics of uncertainty. This book discusses ho uncertainty affects both individual behavior and standard equilibrium theory. Organized into three parts encompassing 30 chapters, this book begins with an overview of the relevance of expected utility maximization for positive and normative theories of individual choice. This text then examines the biases in judgments, which reveal some heuristics of thinking under uncertainty. Other chapters consider the effect of restricting trade in contingent commodities to those trades that can be affected through the stock and bond markets. This book discusses as well the individual problem of sequential choice and equilibria, which are built around the notion of sequential choice. The final chapter deals with an entirely different aspect of the economics of information and reverts to the assumption that markets are perfect and costless. This book is a valuable resource for economists and students.

Tax Policy and Labor Market Performance

Author: Jonas Agell
Publisher: MIT Press
ISBN: 9780262012294
Release Date: 2006
Genre: Business & Economics

The effect of tax policies and welfare state incentives on the performance of thelabor market: theoretical and empirical analyses by leading European and Americaneconomists.