This course introduces the field by applying economic principles and analysis to labor markets. There is a shared focus on theoretical foundations and practical applications. Topics will include: demand for labor, the supply of labor, human capital, compensating wage differentials, productivity, public policy related to labor market outcomes, unions, and unemployment
Prerequisite Courses
Prerequisites
(LIBR 150 may be taken concurrently).
Course Outcomes
After successfully completing the course, the learner will be able to:
- Understand the market process of wage determination through the interaction of labor supply and labor demand,
- Analyze the impact of labor market imperfections and various government policies on wages and incentives to work.
- Understand and appreciate implications of various political and economic institutions on wages and employment.
- Be able to differentiate between labor economic and labor relation issues.
- Apply microeconomic theories to explain household and firm decisions for the labor market.
- Understand the impacts of public policies on household and firm decisions in the labor market.