Dr. Downs, JH 620 OH: MW 12:30 ‐ 2:30PM, T by appointment Required text: Contemporary Labor Economics , McConnell, 9780073511320 Class will be broken into four sections, one each month There will be an exam on the last Wednesday that we meet of each month Homework for the week will be due on Mondays Monthly Exams (Best 3 of 4) 60% Final Exam 30% Attendance and Homework 10% Why study labor economics? In a macroeconomic sense, labor represents only one of the four factors of production but averages 70% of the cost of a good. When consumers go into the market and spend these wages, they contribute 70% of the US macro economy. It is therefore imperative to understand the nature, actors, and transactions of this market. In a microeconomic sense, labor is the fundamental economic choice of peoples lives. The minimum price people will work for (reserve wage) is the essential opportunity cost for people in determining their economic consumption patterns.
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