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GEN 315 Week six chapter 20 ppt lecture
1.
Chapter 20 The Labor
Market: Workers, Wages, and Unemployment © 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
2.
© 2019 McGraw-Hill
Education. 2 Learning Objectives 1. Discuss five important trends that have characterized labor markets in the industrialized world in the past few decades. 2. Apply a supply and demand model to understand the labor market. 3. Explain how changes in the supply of and demand for labor explain trends in real wages and employment in the past few decades. 4. Differentiate among the three types of unemployment defined by economists and the costs associated with each.
3.
© 2019 McGraw-Hill
Education. 3 Trend 1 Industrialized countries have enjoyed real wage growth in the 20th century
4.
© 2019 McGraw-Hill
Education. 4 Trend 2 The rate of real wage growth has stagnated since 1973 • Fastest during the 1960s and early 1970s The number of people with jobs and the percent of the population employed has substantially increased Data on real wage growth: • 1960 – 1973 2.5% per year • 1973 – 1995 0.9% per year • 1996 – 2007 1.8% per year • 2007 – 2016 0.7% per year • 1970 – 2012 1.1% per year
5.
© 2019 McGraw-Hill
Education. 5 Trend 3 Increased wage inequality in U.S Between 1970s and 2016 • Average real weekly earnings of workers at the low end of the income distribution decreased • Real wages of the least-skilled, least-educated workers decreased 25 to 30% • Best-educated, highest-skilled workers' real wages increased Income with an advanced college degree is • Three times the income of a high school graduate • Four times the income of a worker who did not graduate from high school
6.
© 2019 McGraw-Hill
Education. 6 Trend 4 The number of people with jobs has grown in the past 50 years Rate of job growth has slowed recently In 1970, about 57% of people over 16 had jobs, by 2000 this was 64%, 60% in 2017 Number of jobs grew 1980-2000 by 36%, number of people grew by only 25%
7.
© 2019 McGraw-Hill
Education. 7 Trend 5 Western Europe has suffered higher unemployment than the USA Unemployment in France from 1990-2001 was 10.9% vs. 5.5% in the USA In 2017, 4.4% in USA vs. 9.8% in France Similar problems in many other Western European countries
8.
© 2019 McGraw-Hill
Education. 8 The Labor Market Supply and demand analysis can be used to find the price of labor (real wages) and the quantity (employment) • Analysis will consider the number of workers employed, not work-hours per year Labor market is an input market • Firms buy labor to produce goods and services Macroeconomics looks at aggregate levels of employment and real wages • Microeconomics looks at wage determination for a category of workers
9.
© 2019 McGraw-Hill
Education. 9 Wages and Demand for Labor The demand for labor depends upon: • The productivity of workers • Greater productivity increases employment • The price of the worker’s output • A higher real price increases employment Diminishing returns to labor • Assumes non-labor inputs are held constant • Adding one worker increases output but by less than the previous worker added Value of Marginal Product (VMP) is extra revenue that an added worker generates
10.
© 2019 McGraw-Hill
Education. 10 Banana Computers (BCC) BCC can sell all its computers for $3,000 each Number of Workers Computers per Year 1 25 2 48 3 69 4 88 5 105 6 120 7 133 8 144 Marginal Product 25 23 21 19 17 15 13 11 Value of Marginal Product $75,000 69,000 63,000 57,000 51,000 45,000 39,000 33,000
11.
© 2019 McGraw-Hill
Education. 11 Demand Curve for Labor Hire an extra worker if and only if the VMP exceeds the wage paid If wage is $60,000, BCC will hire 3 workers • At $50,000, BCC hires 5 workers The lower the wage, the more workers employed
12.
© 2019 McGraw-Hill
Education. 12 Shifting Demand for Labor Demand shifts when the value of the marginal product of a worker changes Two factors determine the demand (VMP) for labor • The price of the company’s output • An increase in market demand • The productivity of the workers • Greater quantity of non-labor inputs • Organizational change • Training and education
13.
© 2019 McGraw-Hill
Education. 13 Price of Output Increases If the price of computers increases, demand for labor shifts to the right • There is a separate demand for labor curve for each possible output price An increase in the price of workers' output increases the demand for labor
14.
© 2019 McGraw-Hill
Education. 14 Higher Productivity
15.
© 2019 McGraw-Hill
Education. 15 Individual Labor Supply Reservation wage is the lowest wage a worker would accept for a given job • Opportunity cost of working is your leisure activity • Work compensates you for lost leisure • If working conditions are unpleasant or dangerous, a premium for that would be included in the wage • Cost – Benefit Principle at work
16.
© 2019 McGraw-Hill
Education. 16 Aggregate Labor Supply Macroeconomic determinants of labor supply • Size of the working age population • Domestic birthrate • Immigration and emigration • Ages when people enter and retire from the workforce • Share of working-age population willing to work
17.
© 2019 McGraw-Hill
Education. 17 The Supply of Labor
18.
© 2019 McGraw-Hill
Education. 18 Shifts in Labor Supply A shift in labor supply is caused by any change in the number of workers willing to work at each wage • Increase in the working-age population • Baby Boom • Higher net immigration • Increasing age at retirement • Increase in the share of working-age population willing to work • Women's participation in the labor force has increased in the last 50 years
19.
© 2019 McGraw-Hill
Education. 19 Trend 1: Increasing Real Wages Industrialized countries have had sustained growth in productivity in the 20th century • Increases demand for labor • Both real wages and employment increased Productivity increases were due to • Technological progress • Increases in capital
20.
© 2019 McGraw-Hill
Education. 20 Trend 2: Stagnated Wage Growth Since 1970 Stagnated growth in real wages could be either • Slower growth in demand for labor OR • Faster growth in the supply of labor Productivity growth and real wages move together Average Growth Rate (%) Average Growth Rate (%) Productivity Real Earnings 1970 – 1980 0.8% 0.6% 1980 – 1990 1.5 1.3 1990 – 2000 2.0 2.2 2000 – 2010 1.5 0.8 2010 – 2016 0.6 0.7
21.
© 2019 McGraw-Hill
Education. 21 Trend 2: Stagnated Wage Growth Since 1970 Slower demand growth explains slower wage growth • Does not explain rapid growth in employment Supply of labor must have increased as well • Increased participation by women • Baby Boom • High rates of immigration Looking forward • Labor supply growth will slow • Partly depends on whether productivity growth continues to decline
22.
© 2019 McGraw-Hill
Education. 22 Trend 3: Increased Wage Inequality in U.S.1 Globalization results in an expansion of many markets to worldwide supply • Increasing ease of goods and services crossing national borders Benefit of globalization is increased specialization and efficiency • Principle of Comparative Advantage Globalization also means that some goods produced domestically are no longer competitive • Some domestic sectors shrink
23.
© 2019 McGraw-Hill
Education. 23 Trend 3: Increased Wage Inequality in U.S.2
24.
© 2019 McGraw-Hill
Education. 24 Trend 3: Increased Wage Inequality in U.S.3 When wages in importing industries fall and wages in exporting industries rise, wage inequality increases • Low-skill industries in the U.S. face the toughest international competition • Political resistance to free trade grows Worker mobility is the movement of workers between jobs, firms, and industries • Market incentives move workers out of textiles and into software • Transition aid by government can assist workers to make the change
25.
© 2019 McGraw-Hill
Education. 25 Trend 3: Increased Wage Inequality in U.S.4 Technological change can be a source of increasing wage inequality • Occurs if technical change favors higher-skilled or better- educated workers Some innovation renders old skills less valuable • Addition and the calculator and computer Skill-biased technological change affects the marginal products of higher skilled workers differently from those of lower-skilled workers • Recent changes favor higher skilled workers • Automobile production lines increasingly use robots • You need workers who can program the robots, not workers who can run the line
26.
© 2019 McGraw-Hill
Education. 26 Skill-Biased Technological Change
27.
© 2019 McGraw-Hill
Education. 27 Types of Unemployment1 Frictional unemployment occurs when workers are between jobs • Short duration, low economic cost • May increase economic efficiency Cyclical unemployment is the increase in unemployment during economic slow- downs • Usually short duration • Economic cost is the decline in real GDP
28.
© 2019 McGraw-Hill
Education. 28 Types of Unemployment2 Structural unemployment is long-term, chronic unemployment in a well-functioning economy • Lack of skills, language barriers, or discrimination • Structural shifts in production create a long-term mismatch between workers and market needs • Barriers to employment such as ■ Minimum wages ■ Unions ■ Unemployment Insurance • High economic, psychological, and social costs • Example: U.S. steel, telecommunications manufacturing
29.
© 2019 McGraw-Hill
Education. 29 Structural Barriers to Employment Minimum Wage Laws • Setting a minimum wage (Wmin) above equilibrium (W) creates (NB – NA) unemployment • Workers who find a minimum-wage job get a higher wage • Others are unemployed
30.
© 2019 McGraw-Hill
Education. 30 Structural Barriers to Employment1 Labor union benefits • Reduced worker exploitation • Support progressive labor legislation • Increase productivity • Promote democracy in the workplace Labor union costs • Introduces inefficiency into competitive markets • May keep companies from competing globally • Increase labor supply in non-union sector • Decreases wages for non-union workers
31.
© 2019 McGraw-Hill
Education. 31 Structural Barriers to Employment2 Unemployment insurance is a government transfer to unemployed workers • Helps to reduce the costs of unemployment • May give the unemployed an incentive to search longer and less intensely To work efficiently, unemployment benefits should be • For a limited time • Less than the income received when working
32.
© 2019 McGraw-Hill
Education. 32 Other Government Regulations Health and safety regulations can reduce the demand for labor by • Increasing employer costs • Reducing productivity The reduction in demand will increase unemployment and lower wages
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© 2019 McGraw-Hill
Education. 33 Impediments to Full Employment Many of these impediments can explain the differences in the employment rate between the USA and Western Europe European labor markets are highly regulated • High minimum wage • Little flexibility in benefits • More powerful unions This, combined with globalization and skill-biased technological change, has reduced employment in Europe • Many workers aren’t worth employing in the modern world, given these regulations
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Education. 34 Unemployment in Western Europe, 1991-2016
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© 2019 McGraw-Hill
Education. 35 Wages and Unemployment
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