LABOR Krugman and Wells devoted mostly to labor as a commodity; i.e., the dullest part of what we have to say about labor issues; unlike all other “commodities,” labor has a personality, and a heartbeat. Discussion (in text) focuses around: 1. demand, supply and market for labor, 2. very brief mention of unions: pp. 395-96, with next to no discussion of very interesting aspects of unions, and what may be lost with their decline. 3. K and W offer little discussion of labor supply age, race, education, sex, and in particular, changing role of women in the labor force, 4. Mention of human capital very limited. Discussion in lecture focusing on: 1. Neoclassical theory 2. Women in the Labor Force 3. The Good and the Bad of Unions 4. Aspects of Human Capital if there’s time; read relevant pages in chapter 9 on present value: pp. 239-43. 56
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