Contemporary labor economics

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Cover Contemporary Labor Economics About the Authors Preface Acknowledgments 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 Frictional Unemployment Structural Unemployment Demand–Deficient Unemployment World of Work 18.2: Why Bad Unemployment News Is Usually Good for Stocks The Distribution of Unemployment Reducing Unemployment: Public Policies Appendix: Information Sources in Labor Economics Sources of Labor Statistics Applications, New Theories, Emerging Evidence Textbooks and Research Surveys Glossary Answers to “Your Turn” Questions Name Index Subject Index Data Tables