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11 Cards in this Set
- Front
- Back
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Differences between the product Market and the labour market
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1) Don't own: in labour market, labour is rented.
2)Other Factors are Important:Non-pecuniary aspects are important not just price (e.g. work environment). 3) Context: legislative constraints--> the employment transaction |
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Decisions by Individuals (sellers) (8)
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1) When to enter the L.F.
2) how much training and education is available--> what will you get from this. 3) Type and extent of job search 4) What kinds of Occupations/Industries 5) Labour Hours/ Household work 6) Accept/Quit/Relocation 7) Wage rate 8) Union/association |
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Decisions by Employers (buyers)
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1) # of workers
2) wages and benefits 3) hours 5) layoff/bankrupcy 6) Subcontract 7) Pension and Retirement Policy |
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Decisions by Governments
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1) Have to decide what to provide publicly
2) Individual Rights vs. employer competiveness 4) Public Support (training, insurance, compensation, vocational rehabilitation) |
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Labour Economics
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Involves Analsing the determinants of the various dimensions of labour market supply and demand and their interaction in alternative market structure to determine wages, employment and unemployment.
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Normative Economics
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A theory of behavior in labour markets. It is concerned with what ought to be.
-has a value judgement |
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Positive Economics
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A theory of behavior that has four critical assumptions:
1) Individuals respond positively to benefits and negatively to costs 2) Scarcity: implies that we need to make a choice. 3) Rationality (Individuals are assumed to behave rationally--> try to maximize utility. Firms objective: to maximize 4) Consistent behavior: if individuals are rational they will behave consistently |
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How to Evaluate an Economic policy (2)
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1. Efficiency
-has to do with the resources a) we would like it if all of our resources were fully ysed. b) resources must be used the right way. 2. Equity: distributional impacts. e.g. women should be paid equally if they are doing the same work as men. |
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Labour Force Participation Rate
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Tells you how many people are in the labour force relative to the size of the population.
-overtime LFPR are increasing. The big change is women: in 1950s 23.0% of women were participating, now 59.5% of women are participating -decline in men -Canada's unemployment rate is higher thant th US |
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Unemployment Rate
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The number of people unemployed/the number of people in the labour force
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Employment Rate
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# of people employed/population (15+)
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