2 Labor%20Supply%201

2 Labor%20Supply%201 - LF = U+E Unemployment Rate (u) =...

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LECTURE 2 LABOR SUPPLY Introduction to Labor Economics Economics 440 Prof. Brown
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UNEMPLOYMENT TREND
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FACT: UNEMPLOYMENT “Since the economy bottomed out in mid- 2009, the number of job openings has risen more than twice as fast as actual hires…”
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OUTLINE A picture of the labor force in the U.S. Definitions of labor force measures Model of Labor-Leisure Choice Hours decision Participation decision Labor Supply Labor Supply Elasticity
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WHAT IS LABOR? (OR WORK) Everything else is defined as leisure Homework Laundry An hour is not labor unless someone is paying Also focus on formal sector
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LABOR FORCE MEASURES Labor Force - those that are working or looking for work
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Unformatted text preview: LF = U+E Unemployment Rate (u) = U/LF Labor Force Participation Rate = LF/Population Employment Rate = E/Population LABOR FORCE PARTICIPATION 10 20 30 40 50 60 70 80 90 100 1880 1900 1920 1940 1960 1980 2000 2020 Labor Force Participation Rate (%) Year Men Women In 2007, 14.8% of women were in part-time jobs vs. only 3.6% of men. LFP OF MEN AGED OVER 65 10 20 30 40 50 60 70 80 90 100 1880 1900 1920 1940 1960 1980 2000 2020 Labor Force Participation Rate (%) Year LFP BY EDUCATION 10 20 30 40 50 60 70 80 90 100 Less than 12 years 12 years 13-15 years 16 years or more Labor Force Participation Rate (%) Years of Education Men Women...
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2 Labor%20Supply%201 - LF = U+E Unemployment Rate (u) =...

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