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CHAPTER 1 INTRODUCTION1

The Labor Market2

Labor Economics: Some Basic Concepts2

Positive Economics3

The Models and Predictions of Positive Economics4

Normative Economics7

Normative Economics and Government Policy10

Efficiency versus Equity11

Plan of the Text12

Example 1.1 Positive Economics: What Does It Mean to “Understand”Behavior?5

Review Questions13

Problems14

Selected Readings15

Appendix 1A Statistical Testing of Labor Market Hypotheses16

CHAPTER 2 OVERVIEW OF THE LABOR MARKET25

The Labor Market: Definitions, Facts, and Trends26

The Labor Force and Unemployment27

Industries and Occupations: Adapting to Change30

The Earnings of Labor31

How the Labor Market Works36

The Demand for Labor37

The Supply of Labor41

The Determination of the Wage43

Applications of the Theory48

Who Is Underpaid and Who Is Overpaid?49

Unemployment and Responses to Technological Change across Countries52

Example 2.1 Real Wages across Countries and Time: Big Macs per Hour Worked34

Example 2.2 The Black Death and the Wages of Labor47

Example 2.3 Forced Labor in Colonial Mozambique51

Empirical Study Pay Levels and the Supply of Military Officers: Obtaining Sample Variation from Cross-Section Data54

Review Questions55

Problems57

Selected Readings58

CHAPTER 3 THE DEMAND FOR LABOR59

Profit Maximization60

Marginal Income from an Additional Unit of Input61

Marginal Expense of an Added Input62

The Short-Run Demand for Labor When Both Product and Labor Markets Are Competitive63

A Critical Assumption: Declining MPL64

From Profit Maximization to Labor Demand65

The Demand for Labor in Competitive Markets When Other Inputs Can Be Varied70

Labor Demand in the Long Run70

More Than Two Inputs73

Labor Demand When the Product Market Is Not Competitive74

Maximizing Monopoly Profits74

Do Monopolies Pay Higher Wages?75

Policy Application: The Labor Market Effects of Employer Payroll Taxes and Wage Subsidies76

Who Bears the Burden of a Payroll Tax?76

Employment Subsidies as a Device to Help the Poor78

Example 3.1 The Marginal Revenue Product of College Football Stars63

Example 3.2 Coal Mining Wages and Capital Substitution72

Empirical Study Do Women Pay for Employer-Funded Maternity Benefits? Using Cross-Section Data Over Time to Analyze “Differences in Differences”80

Review Questions83

Problems84

Selected Readings85

Appendix 3A Graphical Derivation of a Firm's Labor Demand Curve86

CHAPTER 4 LABOR DEMAND ELASTICITIES95

The Own-Wage Elasticity of Demand96

The Hicks-Marshall Laws of Derived Demand98

Estimates of Own-Wage Labor Demand Elasticities101

Applying the Laws of Derived Demand: Inferential Analysis103

The Cross-Wage Elasticity of Demand105

Can the Laws of Derived Demand Be Applied to Cross-Elasticities?106

Estimates Relating to Cross-Elasticities108

Policy Application: Effects of Minimum Wage Laws109

History and Description109

Employment Effects: Theoretical Analysis110

Employment Effects: Empirical Estimates114

Does the Minimum Wage Fight Poverty?116

“Living Wage” Laws117

Applying Concepts of Labor Demand Elasticity to the Issue of Technological Change118

Example 4.1 Why Are Union Wages So Different in Two Parts of the Trucking Industry?104

Example 4.2 The Employment Effects of the First Federal Minimum Wage115

Example 4.3 Gross Complementarity in the 19th Century Apparel Industry120

Empirical Study Estimating the Labor Demand Curve: Time Series Data and Coping with “Simultaneity”124

Review Questions127

Problems128

Selected Readings129

CHAPTER 5 FRICTIONS IN THE LABOR MARKET130

Frictions on the Employee Side of the Market131

The Law of One Price131

Monopsonistic Labor Markets: A Definition134

Profit Maximization under Monopsonistic Conditions135

How Do Monopsonistic Firms Respond to Shifts in the Supply Curve?139

Monopsonistic Conditions and the Employment Response to Minimum Wage Legislation142

Job Search Costs and Other Labor Market Outcomes143

Monopsonistic Conditions and the Relevance of the Competitive Model145

Frictions on the Employer Side of the Market146

Categories of Quasi-Fixed Costs146

The Employment/ Hours Trade-Off150

Training Investments154

The Training Decision by Employers154

The Types of Training155

Training and Post-Training Wage Increases156

Employer Training Investments and Recessionary Layoffs158

Hiring Investments159

The Use of Credentials159

Internal Labor Markets161

How Can the Employer Recoup Its Hiring Investments?163

Example 5.1 Does Employment Protection Legislation Protect Workers?147

Example 5.2 “Renting” Workers as a Way of Coping with Hiring Costs152

Example 5.3 Why Do Temporary-Help Firms Provide Free General Skills Training?160

Empirical Study What Explains Wage Differences for Workers Who Appear Similar? Using Panel Data to Deal with Unobserved Heterogeneity162

Review Questions164

Problems165

Selected Readings167

CHAPTER 6 SUPPLY OF LABOR TO THE ECONOMY: THE DECISION TO WORK168

Trends in Labor Force Participation and Hours of Work168

Labor Force Participation Rates169

Hours of Work171

A Theory of the Decision to Work173

Some Basic Concepts173

Analysis of the Labor/Leisure Choice177

Empirical Findings on the Income and Substitution Effects192

Policy Applications195

Budget Constraints with “Spikes”195

Programs with Net Wage Rates of Zero198

Subsidy Programs with Positive Net Wage Rates202

Example 6.1 The Labor Supply of New York City Taxi Drivers177

Example 6.2 Do Large Inheritances Induce Labor Force Withdrawal?187

Example 6.3 Daily Labor Supply at the Ballpark193

Example 6.4 Labor Supply Effects of Income Tax Cuts194

Example 6.5 Staying Around One's Kentucky Home: Workers' Compensation Benefits and the Return to Work198

Example 6.6 Wartime Food Requisitions and Agricultural Work Incentives205

Empirical Study Estimating the Income Effect Among Lottery Winners: The Search for “Exogeneity”206

Review Questions207

Problems209

Selected Readings210

CHAPTER 7 LABOR SUPPLY: HOUSEHOLD PRODUCTION, THE FAMILY,AND THE LIFE CYCLE211

A Labor Supply Model That Incorporates Household Production211

The Basic Model for an Individual: Similarities with the Labor-Leisure Model212

The Basic Model for an Individual: Some New Implications214

Joint Labor Supply Decisions within the Household217

Specialization of Function218

Do Both Partners Work for Pay?219

The Joint Decision and Interdependent Productivity at Home221

Labor Supply in Recessions: The “Discouraged” versus the“Added” Worker221

Life Cycle Aspects of Labor Supply225

The Substitution Effect and When to Work over a Lifetime225

The Choice of Retirement Age227

Policy Application: Child Care and Labor Supply232

Child-Care Subsidies232

Child Support Assurance235

Example 7.1 Obesity and the Household Production Model215

Example 7.2 Child Labor in Poor Countries223

Example 7.3 How Does Labor Supply Respond to Housing Subsidies?227

Empirical Study The Effects of Wage Increases on Labor Supply （and Sleep）:Time-Use Diary Data and Sample Selection Bias238

Review Questions240

Problems242

Selected Readings244

CHAPTER 8 COMPENSATING WAGE DIFFERENTIALS AND LABOR MARKETS245

Job Matching: The Role of Worker Preferences and Information245

Individual Choice and Its Outcomes246

Assumptions and Predictions248

Empirical Tests for Compensating Wage Differentials251

Hedonic Wage Theory and the Risk of Injury252

Employee Considerations253

Employer Considerations255

The Matching of Employers and Employees257

Normative Analysis: Occupational Safety and Health Regulation261

Hedonic Wage Theory and Employee Benefits266

Employee Preferences266

Employer Preferences268

The Joint Determination of Wages and Benefits270

Example 8.1 Working on the Railroad: Making a Bad Job Good252

Example 8.2 Parenthood, Occupational Choice, and Risk259

Example 8.3 Indentured Servitude and Compensating Differentials261

Empirical Study How Risky are Estimates of Compensating Wage Differentials for Risk? The “Errors in Variables” Problem272

Review Questions274

Problems275

Selected Readings276

Appendix 8A Compensating Wage Differentials and Layoffs277

CHAPTER 9 INVESTMENTS IN HUMAN CAPITAL: EDUCATION AND TRAINING282

Human Capital Investments: The Basic Model284

The Concept of Present Value284

Modeling the Human Capital Investment Decision286

The Demand for a College Education288

Weighing the Costs and Benefits of College288

Predictions of the Theory289

Market Responses to Changes in College Attendance295

Education, Earnings, and Post-Schooling Investments in Human Capital296

Average Earnings and Educational Level296

On-the-Job Training and the Concavity of Age/Earnings Profiles299

The Fanning Out of Age/Earnings Profiles301

Women and the Acquisition of Human Capital301

Is Education a Good Investment?306

Is Education a Good Investment for Individuals?306

Is Education a Good Social Investment?309

Is Public Sector Training a Good Social Investment?317

Example 9.1 War and Human Capital283

Example 9.2 Can Language Affect Investment Behavior?291

Example 9.3 Did the G.I.Bill Increase Educational Attainment for Returning World War Ⅱ Vets?293

Example 9.4 Valuing a Human Asset: The Case of the Divorcing Doctor307

Example 9.5 The Socially Optimal Level of Educational Investment315

Empirical Study Estimating the Returns to Education Using a Sample of Twins: Coping with the Problem of Unobserved Differences in Ability318

Review Questions320

Problems321

Selected Readings322

Appendix 9A A “Cobweb” Model of Labor Market Adjustment323

CHAPTER 10 WORKER MOBILITY: MIGRATION, IMMIGRATION, AND TURNOVER327

The Determinants of Worker Mobility328

Geographic Mobility329

The Direction of Migratory Flows329

Personal Characteristics of Movers330

The Role of Distance332

The Earnings Distribution in Sending Countries and International Migration332

The Returns to International and Domestic Migration334

Policy Application: Restricting Immigration337

U.S.Immigration History338

Naive Views of Immigration341

An Analysis of the Gainers and Losers343

Do the Overall Gains from Immigration Exceed the Losses?349

Employee Turnover352

Wage Effects352

Effects of Employer Size353

Gender Differences354

Cyclical Effects354

Employer Location355

Is More Mobility Better?355

Example 10.1 The Great Migration: Southern Blacks Move North331

Example 10.2 Migration and One's Time Horizon333

Example 10.3 The Mariel Boatlift and Its Effects on Miami's Wage and Unemployment Rates348

Example 10.4 Illegal Immigrants, Personal Discount Rates, and Crime351

Empirical Study Do Political Refugees Invest More in Human Capital than Economic Immigrants? The Use of Synthetic Cohorts356

Review Questions358

Problems359

Selected Readings360

CHAPTER 11 PAY AND PRODUCTIVITY: WAGE DETERMINATION WITHIN THE FIRM361

Motivating Workers: An Overview of the Fundamentals363

The Employment Contract363

Coping with Information Asymmetries364

Motivating Workers367

Motivating the Individual in a Group369

Compensation Plans: Overview and Guide to the Rest of the Chapter371

Productivity and the Basis of Yearly Pay371

Employee Preferences371

Employer Considerations373

Productivity and the Level of Pay379

Why Higher Pay Might Increase Worker Productivity379

Efficiency Wages381

Productivity and the Sequencing of Pay382

Underpayment Followed by Overpayment382

Promotion Tournaments386

Career Concerns and Productivity388

Applications of the Theory: Explaining Two Puzzles390

Why Do Earnings Increase with Job Tenure?390

Why Do Large Firms Pay More?392

Example 11.1 The Wide Range of Possible Productivities: The Case of the Factory That Could Not Cut Output362

Example 11.2 Calorie Consumption and the Type of Pay368

Example 11.3 The Effects of Low Relative Pay on Worker Satisfaction370

Example 11.4 Poor Group Incentives Doom the Shakers375

Example 11.5 Did Henry Ford Pay Efficiency Wages?380

Example 11.6 The “Rat Race” in Law Firms388

Empirical Study Are Workers Willing to Pay for Fairness? Using Laboratory Experiments to Study Economic Behavior394

Review Questions396

Problems397

Selected Readings398

CHAPTER 12 GENDER, RACE, AND ETHNICITY IN THE LABOR MARKET399

Measured and Unmeasured Sources of Earnings Differences400

Earnings Differences by Gender401

Earnings Differences between Black and White Americans410

Earnings Differences by Ethnicity416

Theories of Market Discrimination418

Personal-Prejudice Models: Employer Discrimination419

Personal-Prejudice Models: Customer Discrimination424

Personal-Prejudice Models: Employee Discrimination424

Statistical Discrimination425

Noncompetitive Models of Discrimination428

A Final Word on the Theories of Discrimination432

Federal Programs to End Discrimination432

Equal Pay Act of 1963432

Title Ⅶ of the Civil Rights Act433

The Federal Contract Compliance Program437

Effectiveness of Federal Antidiscrimination Programs439

Example 12.1 Bias in the Selection of Musicians by Symphony Orchestras405

Example 12.2 Race Discrimination May “Strike” When Few Are Looking: The Case of Umpires in Major League Baseball415

Example 12.3 Fear and Lathing in the Michigan Furniture Industry426

Example 12.4 Comparable Worth and the University436

Empirical Study Can We Catch Discriminators in the Act? The Use of Field Experiments in Identifying Labor Market Discrimination440

Review Questions443

Problems444

Selected Readings445

Appendix 12A Estimating Comparable-Worth Earnings Gaps: An Application of Regression Analysis446

CHAPTER 13 UNIONS AND THE LABOR MARKET450

Union Structure and Membership451

International Comparisons of Unionism451

The Legal Structure of Unions in the United States453

Constraints on the Achievement of Union Objectives457

The Monopoly-Union Model459

The Efficient-Contracts Model461

The Activities and Tools of Collective Bargaining465

Union Membership: An Analysis of Demand and Supply465

Union Actions to Alter the Labor Demand Curve470

Bargaining and the Threat of Strikes472

Bargaining in the Public Sector: The Threat of Arbitration477

The Effects of Unions480

The Theory of Union Wage Effects481

Evidence of Union Wage Effects484

Evidence of Union Total Compensation Effects486

The Effects of Unions on Employment487

The Effects of Unions on Productivity and Profits488

Normative Analyses of Unions489

Example 13.1 A Downward Sloping Demand Curve for Football Players?458

Example 13.2 The Effects of Deregulation on Trucking and Airlines469

Example 13.3 Permanent Replacement of Strikers475

Empirical Study What Is the Gap Between Union and Nonunion Pay? The Importance of Replication in Producing Credible Estimates492

Review Questions494

Problems495

Selected Readings496

Appendix 13A Arbitration and the Bargaining Contract Zone497

CHAPTER 14 UNEMPLOYMENT502

A Stock-Flow Model of the Labor Market504

Sources of Unemployment505

Rates of Flow Affect Unemployment Levels506

Frictional Unemployment509

The Theory of Job Search510

Effects of Unemployment Insurance Benefits513

Structural Unemployment517

Occupational and Regional Unemployment Rate Differences517

International Differences in Long-Term Unemployment519

Do Efficiency Wages Cause Structural Unemployment?520

Demand-Deficient （Cyclical） Unemployment523

Downward Wage Rigidity523

Financing U.S.Unemployment Compensation527

Seasonal Unemployment529

When Do We Have Full Employment?531

Defining the Natural Rate of Unemployment531

Unemployment and Demographic Characteristics532

What Is the Natural Rate?533

Example 14.1 Is Unemployment Self-Perpetuating?512

Example 14.2 Unemployment Insurance and Seasonal Unemployment:A Historical Perspective530

Empirical Study Do Reemployment Bonuses Reduce Unemployment? The Results of Social Experiments534

Review Questions536

Problems537

Selected Readings538

CHAPTER 15 INEQUALITY IN EARNINGS539

Measuring Inequality540

Earnings Inequality Since 1980: Some Descriptive Data543

The Increased Returns to Higher Education547

Growth of Earnings Dispersion within Human-Capital Groups548

The Underlying Causes of Growing Inequality550

Changes in Supply551

Changes in Demand: Technological Change553

Changes in Demand: Earnings Instability556

Changes in Institutional Forces557

Example 15.1 Differences in Earnings Inequality across Developed Countries547

Example 15.2 Changes in the Premium to Education at the Beginning of the Twentieth Century549

Empirical Study Do Parents' Earnings Determine the Earnings of Their Children? The Use of Intergenerational Data in Studying Economic Mobility558

Review Questions559

Problems561

Selected Readings562

Appendix 15A Lorenz Curves and Gini Coefficients563

CHAPTER 16 THE LABOR-MARKET EFFECTS OF INTERNATIONAL TRADE AND PRODUCTION SHARING567

Why Does Trade Take Place?568

Trade between Individuals and the Principle of Comparative Advantage568

The Incentives for Trade across Different Countries570

Effects of Trade on the Demand for Labor574

Product Demand Shifts575

Shifts in the Supply of Alternative Factors of Production577

The Net Effect on Labor Demand579

Will Wages Converge across Countries?583

Policy Issues585

Subsidizing Human-Capital Investments586

Income Support Programs587

Subsidized Employment588

How Narrowly Should We Target Compensation?589

Summary592

Example 16.1 The Growth Effects of the Openness to Trade: Japan's Sudden Move to Openness in 1859575

Example 16.2 Could a Quarter of American Jobs Be Offshored? Might Your Future Job Be among Them?581

Empirical Study Evaluating European Active Labor Market Policies: The Use of Meta-Analysis590

Review Questions592

Problems593

Selected Readings594

Answers to Odd-Numbered Review Questions and Problems595

Name Index645

Subject Index651