Labor and the Economy
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Labor and the Economy provides the theory, empirical studies of the labor force, and public policies that flow from the theories and empirical studies in the field of labor economics. The book focuses on economic issues and debates. Topics discussed in the text include the history of labor economics; the microeconomic foundations of labor economics; the interaction between labor's effect on the macroeconomy and the macroeconomy's effect on labor; and the interrelation of trade unions with other economic institutions. Graduate and undergraduate students of economics as well as practicing economists will find the book a good reference material.
Table of Contents
Contents
Preface
1. Labor and the Economy
Aims of the Book
Recent History of Labor Economics
Labor Economics after World War II: The High Wage Economy
The 1960s
The 1970s
Labor Economics Today
Plan of the Book
2. The Labor Force and the Economy
Labor Markets and the Economy
The Labor Force
Unemployment
Demographic Composition of the Labor Force
The Changing Structure of Employment in the American Economy
Union Membership
Summary
Part I Labor and the Microeconomy
A. Theory of Wages
3. Wage Theory: Labor Demand
Neoclassical Wage Theory: A First Glimpse
The General Nature of Labor Supply and Demand
Demand for Labor in the Firm: Initial Observations
Combining Labor with Capital: The Law of Diminishing Returns
The Marginal Product of Labor
The Firm's Demand for Labor: Technology and Product Markets
The Level of Employment in the Firm
The Marginal Revenue Products and Salaries of Professional Basketball Players
Wage Changes and Employment Changes: The Elasticity of Demand for Labor
Applications of the Elasticity of Labor Demand
Changes in the Demand for Labor
Summary
Study Questions
Further Reading
4. Wage Theory: Labor Supply
Labor Supply: Hours of Work
The Wage and Hours of Work
Labor Time Supplied to the Market by the Household
Income and Substitution Effects in the Household's Labor Supply Decision
Perspective on the Backward-Bending Supply Segment
Hours of Work in the American Economy
Elasticity of Labor Supply
Income Maintenance Experiments and Labor Supply
Labor Force Participation Rates
The Quality of Labor Supply: Human Capital
Summary
Study Questions
Further Reading
Appendix: The Income and Substitution Effects and Household Labor Supply
5. Wage Determination and Market Structure
Wage Determination in Perfectly Competitive Markets
The Cambridge Critique: Heterogeneity in the Labor Market
Wage Determination in a Perfectly Competitive Labor Market
Observation and Interpretation: Wage Determination in Perfect Competition
Imperfect Competition and Wage-Employment Determination
Oligopoly and Wage-Employment Determination
Monopsony and Wage-Employment Determination
Monopsony and the Minimum Wage
Market Structure and Wage-Employment Determination
Summary
Study Questions
Further Reading
6. Trade Unions and Wage Determination
Trade Union Membership in the United States
The Trade Union and Its Goals
Institutional Theory and Wage Determination
The Trade Union as an Economic Institution
Bargaining Model of Wage Determination
Collective Bargaining and Wage Determination
Summary
Study Questions
Further Reading
7. The Impact of Trade Unions on Wages
Methodological Problems
Wage Differentials for Union and Nonunion Workers over Time
The Impact of Trade Unions on Wages at a Fixed Point in Time
The Magnitude of Trade Union Impacts on Wages
The Spillover Effect and Pattern Bargaining
Summary
Study Questions
Further Reading
B. Labor Markets and Individual Incomes
8. Poverty and Inequality in the American economy
Poverty: Meaning and Measurement
Counting the Poor
The Incidence of Poverty
Critics of the Official Poverty Measure
Inequality in Income and Wealth
Some Observations on the Distribution of Wealth and Income
Summary
Study Questions
Further Reading
9. The Functional Distribution of Income
Labor and Capital Shares of the National Income
Income Inequality and the Functional Distribution of Income
Neoclassical Theory of the Functional Distribution of Income
The Elasticity of Substitution
Monopoly Power and the Functional Distribution of Income
The Functional Distribution of Income over the Business Cycle
Summary
Study Questions
Further Reading
10. Theory of Human Capital
Investment in Human Capital
Individual Investment in Human Capital
Human Capital Investment by the Firm
Public Investment in Human Capital
Investment in Human Capital and Individual Incomes
Summary
Study Questions
Further Reading
11. Labor Market Structures
Structural Perspective on Poverty and Inequality
The Relationship between Poverty and Work
The Structure of Labor Markets and the Working Poor
Employment at Low Wages
Dual Labor Markets and Poverty
Policy Implications of Labor Market Structure Theories
Summary
Study Questions
Further Reading
12. The Economics of Discrimination
Racial Inequalities
Sex Inequalities
Income Inequalities and Educational Inequalities
Theories of Discrimination
Public Policy and Economic Discrimination
Summary
Study Questions
Further Reading
Part II. Labor and the Macroeconomy
13. Unemployment: Meaning and Measurement
The Labor Force in the American Economy
Measuring Unemployment
Alternative Measures of Unemployment
Measuring the Severity of Unemployment
Unemployment Flows
Summary
Study Questions
Further Reading
14. Unemployment: Causes and Policy Responses
Neoclassical Theory of Unemployment
Job-Search Theories of Unemployment
The Natural Rate of Unemployment
Keynesian Aggregate Demand Theories of Unemployment
Theory of Structural Unemployment
Dual-Labor-Market Theory of Unemployment
Explanations of Unemployment: An Assessment
Summary
Study Questions
Further Reading
15. Inflation: Meaning and Measurement
Measuring Inflation
The Consumer Price Index since 1929
Inflation and Income Distribution
Inflation and the Standard of Living of the American Worker
Inflation, Productivity, and Unit Labor Costs
Critique of the Way Inflation Is Measured
Summary
Study Questions
Further Reading
16. Inflation: Causes and Policy Responses
Excess Demand Inflation
Cost-Push Inflation
The Phillips Curve: Inflation-Unemployment Trade-off
Summary
Study Questions
Further Reading
17. Stagflation
The Anatomy of Stagflation
Theory of Stagflation: Markup Pricing and Target Rates of Return
Stagflation and the Structure of the Labor Market
Expectations and Stagflation
Stagflation Policy
Summary
Study Questions
Further Reading
18. Wage-Price Policy
The Kennedy Guideposts
Nixon's New Economic Policy
The Carter Years
Wage-Price Policies in the 1980s
Lessons from Our Experience with Wage-Price Policies
Summary
Study Questions
Further Reading
Part III. Labor and Economic Institutions
19. The Evolution of American Unions
Institutional Premise of Neoclassical Marginal Productivity Theory
Prerevolutionary Conditions of Work
The Emerging Economy: Labor from the Revolution to the Civil War
The End of the Age of Innocence: Civil War to the American Federation of Labor
The Rise of Industrial Unionism: From 1900 to the Founding of the CIO
The Emergence of the CIO: 1935-1955
The Merged AFL-CIO: 1956 to the Present
The History of Work
Summary
Study Questions
Further Reading
20. Industrial Relations in the United States
The Nature of an Industrial Relations System
How Trade Unions Gain Recognition
The Collective Bargaining Process
The Content of Collective Bargaining Agreements
Summary
Study Questions
Further Reading
21. Industrial Relations Law
The Conspiracy Doctrine: 1806-1880
The Injunction: 1880-1930
Trade Unions and Congressional Antitrust Law
The New Deal Period
Taft-Hartley Act
Landrum-Griffin Act
Labor Law Reform
Summary
Study Questions
Further Reading
22. The Future of Industrial Relations
Concession Bargaining
Robotization
Unions and Investments of Pension Funds
Public Employee Unionization
The Davis-Bacon Act
Summary
Study Questions
Further Reading
Part IV. Labor and Public Policy
23. Minimum Wages
Minimum Wage Laws in the United States
Characteristics of Minimum Wage Workers
Wage Theory and Minimum Wages: Perfect Competition
Wage Theory and Minimum Wages: Monopsony
Minimum Wages and Youth Unemployment
Public Policy and the Minimum Wage: Youth Subminimum
Public Policy and the Minimum Wage: Indexation
Summary
Study Questions
Further Reading
24. Income Security, Health, and Safety
Social Security
Unemployment Compensation
Workers' Compensation
Black Lung Disease
Occupational Safety and Health Act
Summary
Study Questions
Further Reading
Index
Product details
- No. of pages: 556
- Language: English
- Copyright: © Academic Press 1984
- Published: January 1, 1984
- Imprint: Academic Press
- eBook ISBN: 9781483263410