Lecture10-wages

Lecture10-wages - Lecture 10 More on Labor Markets Econ 2...

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Unformatted text preview: Lecture 10 More on Labor Markets Econ 2 Winter 2010 Tracking the Economy The employment report of last Friday: A) Employment up by 60,000 B) No change C) Employment down by 20,000 D) Employment down by 80,000 Tracking the Economy C) Employment down by 20,000 Tracking the Economy The unemployment rate from the employment report of last Friday: A) unemployment same, 10% B) unemployment up to 10.3% C) unemployment down to 9.7% D) unemployment down to 9.0% Tracking the Economy The unemployment rate from the employment report of last Friday: C) unemployment down to 9.7% Tracking the Economy Employment Situation Tracking the Economy Tracking the Economy Wages and Income As we know, real per capita income has increased substantially U.S. per capita GDP and Trend 8 x i n c r e a s e Who Has Gained? How have the gains been distributed across the population? Who Has Gained What we have learned so far: Lowest percentiles have not had much real wage growth For men in the bottom percentileszero or negative since 1973 Who Has Gained What we have learned so far: Women in the lower percentiles have done slightly better than men Who Has Gained What we have learned so far: Relative wage of women to men has been increasing Who Has Gained? Basic picture: Incomes are becoming more unequal Inequality Inequality measures Inequality Many measures of inequality Ratios of various percentiles in the earnings distribution Gini coefficients .many more Ratios of Percentiles Find the earnings at different percentiles of the earnings distribution Line everyone up according to their income Find out the earnings of those who are at the 1 st , 10 th , 50 th , 95 th etc Note: 50 th is the median Inequality Then look at, say, the relative earnings of someone at the 95 th percentile to that at the 50 th That is the 95 / 50 See how it has changed over time Inequality...
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Lecture10-wages - Lecture 10 More on Labor Markets Econ 2...

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