Lecture 1 (2) - ECOS3008 LABOUR ECONOMICS Russell Ross CLT...

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ECOS3008 LABOUR ECONOMICS Russell Ross CLT 375, Tues 1-3:30
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2 Sundry Classes 1:00 to 3:30pm each week Why 2.5 hours per week? Should be 2 hours per week Plus extra hour per fortnight Last 2 years’ classes wanted 2.5 hours model
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3 Sundry Lecture slides at ELearning portal / Two versions: Powerpoint and pdf Pre and post class versions Office Hours: to be negotiated good time is the hour after each class email best way to contact me
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4 Assessment - page 4 of UoS Outline Default Mid-semester 25% 19 April (Wk 8) Essay 25% 17 May (Wk 11) Final exam 50% June exam period details re the special consideration policy also in outline
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5 Core reading is R Ross & K Whitfield The Australian Labour Market , PearsonEducation, 3 rd edition, 2010 Essential to pass ECOS3008 Additional collection of readings (if want to do better than a bare Pass) available via Fisher Library ereserve Want to do really well? (D or HD) follow up references in W&R + set of readings
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6 Motivation 2007 Joe Hockey (then) Federal minister for Employment and Workplace Relations Cited some facts on ABC radio 702 2BL the morning of my first class In the last 12 months (to July 2007) Employment had grown, 243,000 new jobs, of which 86% are full-time Unemployment was at a record low Average wages had risen Strikes were at the lowest rate since 1913
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7 Motivation 2008 “One possible channel people have mentioned is that of higher wage claims, pursued as a result of the pick‑up in CPI inflation, which then add to costs and prices, and so on. But I think it should be stated that while there are some signs of that around the edges, growth in overall wages has thus far remained contained, even though the labour market has clearly been at its tightest for a generation. Relative wages are showing noticeable variation across industries and regions, as would be expected given the events in the economy. But overall growth of wages, as measured by all the formal statistics at least, has to date been pretty well controlled. Furthermore, if the recent signs of moderation in the demand for labour continue, which could be expected if overall demand remains on a slower track, that should help to contain any over‑exuberance in wage setting.” Glenn Stevens, Governor of RBA, July 16, 2008 speech
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8 Motivation 2008 The weak growth of the latter 1970s was associated with an upward trend in unemployment (Graph 4). From a low of 2 per cent in the early 1970s, it rose to about 5 per cent in the mid‑1970s recession, and then drifted higher over the remaining part of the decade. Similar trends were observed abroad. The big rise in real wages in the mid 1970s, part of which was exogenously imposed as a result of government policy at the time, also had a fair bit to do with higher unemployment. trend in unemployment in the most recent decade has generally been
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Lecture 1 (2) - ECOS3008 LABOUR ECONOMICS Russell Ross CLT...

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