RevisedCh1Notes -...

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Chapter 1: Introduction to Labour Market Economics There are three main groups of actors or participants in the labour market: individuals, firms (or employers),  and the government. Individuals  make labour market decisions concerning: whether and when to enter the labour force how much education, training and job search to undertake what type of work (which occupation and industry) how many hours to work each week (and weeks per year) what wage, or wage increase, to demand whether to quit one's current job and look for another job, possibly in another region, industry, or  occupation whether to join a union or employee association when to retire Firms  make labour market decisions concerning: how many workers to hire and how many hours of work to require what type of worker to hire (what skills are required)  what wages and fringe benefits to pay when to layoff employees and perhaps close a plant what type of work can be subcontracted out  how to design an effective pension and retirement policy Governments  set various policies that have direct implications for the labour market decisions of individuals  and firms: human rights and anti-discrimination laws employment standards and laws concerning minimum wages, hours of work and overtime,  maternity, and paternity leave occupational health and safety laws, and workers compensation providing subsidized university/college tuition and public training programs labour relations laws regulating the collective bargaining process (un)employment insurance and income maintenance (social assistance) policies  public pensions providing jobs in the public sector Subject Matter of Labour Market Economics Labour market economics involves analyzing the determinants of the various dimensions of labour supply  and demand, which interact to determine wages, employment, and unemployment. There are many dimensions to  labour supply , including demographics (the effects of a baby boom),  immigration and emigration policies (perhaps a brain drain?), the labour force participation decision, the 
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This note was uploaded on 02/05/2011 for the course ECON 3240 taught by Professor Noordeh during the Winter '11 term at York University.

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RevisedCh1Notes -...

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