This course is concerned with a group of topics on microeconomic aspects of the labor market and a few selected topics on the macroeconomic issues of labor. Building on the models developed in Intermediate Microeconomics, it develops more sophisticated models by incorporating more realistic assumptions in models. It covers topics such as the supply of labor, labor force participation, the demand for labor, reasons for disparity in wages, non-traditional labor models, labor unions and collective bargaining, government regulation of labor markets and labor unions, and macroeconomic causes of cyclical unemployment. Economic aspects of labor unions, bargaining theories of wages, minimum wage legislation, labor supply incentives of various welfare programs, occupational licensure, labor mobility, migration, and discrimination theories are discussed and examined. Students also get an experience in conducting empirical research on a topic of their choice. Prerequisites: ECON 294, ECON 350.
|Social Science||ECON 294 and ECON 350||1 course|