Course Description

This course analyzes the factor of Labor in the U.S. economy, addressing topics of labor supply and labor demand, theories, and practice of wage determination, and how wage structures and wage differentials develop and evolve. Macro-institutional forces related to labor, labor markets, and wages are considered, including labor force participation, evolution and change in labor markets in the U.S., employment, and unemployment.  Trends, measurement and analyses of labor productivity, labor mobility, labor market discrimination, and the role of government and unions in labor markets are further considered. Particular attention will be given to the impact of the current economic recession on labor economic variables. 

Learning Objectives

At the end of the course, students should achieve the following capabilities:

• Identify the basic economic problem in the labor setting. 

• Evaluate the factors influencing labor supply and demand within the U.S. economy, including the theories and practices of wage determination.

• Critique the role of government interventions and unions, with specific focus on labor productivity, mobility, and market discrimination.

• Utilize Google Spreadsheets or Microsoft Excel to present and interpret relevant data when analyzing modern labor market policies.

• Apply intermediate microeconomic frameworks to understand the impact of real-world events, such as economic recessions, on labor variables.

Prerequisite(s)

Background in Microeconomics and comfort with Algebraic problem solving.