econ 100a lecture 19

econ 100a lecture 19 - formed 3) MINIMUM WAGE. CONVENTIONAL...

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LABOR LABOR AS AN APPLICATION OF MICRO-THEORY CHAPTER MATERIAL CLOSE TO THE BASIS FOR A FULL QUARTER COURSE (ECON 180) BRIEF COMMENTS ON FOUR POLICY ISSUES; INCLUDING FRANK S FAIRLY LIMITED (NEO-CLASSICAL) APPROACH TO THE SUBJECT a case of focusing on the tympani and ignoring much of the orchestra . . I.E., A GOOD EXAMPLE OF LIMITS OF THE THEORY 1) UNIONS IMPACT ON THE ELASTICITY OF DEMAND WAGE CROWDING . i.e., conclusions >>>>>>monopoly power of unions BUT OVERLOOKS "ALTERNATIVE" VIEW OF UNIONS VIA X-EFFICIENCY, AND HIRSCHMAN S EXIT,VOICE and LOYALTY 3) DISCRIMINATION BECKER STATISTICAL (see Williams on Racial Profiling!!) again, based on neo-classical ideas (tastes and preferences given; firms maximize profits). BUT OVERLOOKS MARXIST FOCUS ON POWER AND USE OF DISCRIMINATION TO ADVANTAGE OF CAPITALIST, and the issue of where and how "tastes" are
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Unformatted text preview: formed 3) MINIMUM WAGE. CONVENTIONAL CONCLUSIONS RE EMPLOYMENT , CAPITAL and LABOR MIX critique here often within the standard paradigm, e.g., BUT OVERLOOKS MONOPSONY IMPACT AND "SHOCK" EFFECT, (sort of like the X-efficiency argument) AND MONOPSONY POWER OF EMPLOYERS OF PARTICULAR TYPES OF LABOR---BY SKILL SPECIFICITY OR DEMOGRAPHIC ATTRIBUTES NOTE: CARD AND KRUGER Myth and Measurement: The New Economics of the Minimum Wage 4) WINNER-TAKE-ALL MARKETS---flows from economic theory of the Superstar; wide application initially in a limited number of fields mainly entertainment, but now, with changes in technology, W-T-A markets expanding into many other areas---medicine, law, accounting, general services .media??? where else???? education????...
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econ 100a lecture 19 - formed 3) MINIMUM WAGE. CONVENTIONAL...

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