1_Introduction - important lectures

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LECTURE 1 Introduction to Labor Economics Economics 440 Prof. Brown
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ECONOMICS 440 ECONOMICS OF LABOR MARKETS Tuesday and Thursday, 9:30-10:50 am 24 Wohlers Hall Instructor: Professor Kristine Brown 209 LER Building 504 E. Armory Ave. Email: kmb@illinois.edu Office Hours: Wednesdays, 1-3 pm or by appointment
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WHAT IS LABOR ECONOMICS? Wages
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WHAT IS LABOR ECONOMICS? Wages Unemployment
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WHAT IS LABOR ECONOMICS? Wages Unemployment Education Immigration Health Insurance and Pensions Fertility Discrimination Unions Anything that affects Labor Market outcomes!
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WHAT IS LABOR ECONOMICS? Most people’s income and wealth is generated through their labor market activities. Employment is the most important type of economic exchange roughly 75% of a large firm’s costs roughly 75% of worldwide wealth So a key to understanding the determinants of well being is to study the choices people make in the labor market and what factors determine their success or failure.
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METHOD OF LABOR ECONOMICS Question about the labor market Theory – write down model to explain behavior, make predictions Empirical – use data to test and calibrate these models Policy Application – predict outcomes of policy changes and help to choose policies to implement
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WHAT IS LABOR ECONOMICS? Wages Unemployment Education Immigration Health Insurance and Pensions Fertility Discrimination Unions Health Crime
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AN EXAMPLE: UNEMPLOYMENT Show the ratio of the month’s non-farm payrolls to non-farm payrolls at the beginning of the recession Source: BLS via New York Times, Chart by Amanda Cox
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This note was uploaded on 01/19/2011 for the course ECON ECON 440 taught by Professor Kristinebrown during the Fall '10 term at University of Illinois at Urbana–Champaign.

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1_Introduction - important lectures

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