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Lecture 1 post - LECTURE 1 AN INTRODUCTION Introduction to...

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LECTURE 1 AN INTRODUCTION Introduction to Labor Economics Economics 440 Prof. Brown
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ECONOMICS 440 ECONOMICS OF LABOR MARKETS Tuesday and Thursday, 9:30-10:50 am OR 11:00-12:20 pm 119 DKH Instructor: Professor Kristine Brown 209 LER Building 504 E. Armory Ave. Email: kmb@illinois.edu Office Hours: Wednesdays, 3-5 pm in non-exam weeks Mondays, 3- 5 pm when there is an exam on Tuesday
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WHAT IS LABOR ECONOMICS? Wages
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WHAT IS LABOR ECONOMICS? Wages Unemployment
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WHAT IS LABOR ECONOMICS? Wages Unemployment Education Immigration Health Insurance and Pensions Fertility Discrimination Unions Anything that affects Labor Market outcomes!
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WHAT IS LABOR ECONOMICS? Wages Unemployment Education Immigration Health Insurance and Pensions Fertility Discrimination Unions Health Crime
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WHAT IS LABOR ECONOMICS? Most people’s income and wealth is generated through their labor market activities. Employment is the most important type of economic exchange roughly 75% of a large firm’s costs roughly 75% of worldwide wealth So a key to understanding the determinants of well being is to study the choices people make in the labor market and what factors determine their success or failure.
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U.S. UNEMPLOYMENT RATE 1970-1980
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METHOD OF LABOR ECONOMICS Question about the labor market Theory – write down model to explain behavior, make predictions Empirical – use data to test and calibrate these models Policy Application – predict outcomes of policy changes and help to choose policies to implement
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U.S. UNEMPLOYMENT RATE 2000-2011
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Lecture 1 post - LECTURE 1 AN INTRODUCTION Introduction to...

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