Lecture 2 Labor Supply 1 post - LECTURE 2 LABOR SUPPLY 1...

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LECTURE 2 LABOR SUPPLY 1 Introduction to Labor Economics Economics 440 Prof. Brown
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OUTLINE A picture of the labor force in the U.S. Definitions of labor force measures Model of Labor Leisure Choice Hours decision Participation decision Labor Supply Labor Supply Elasticity
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WHAT IS LABOR? (OR WORK) Everything else is defined as leisure Homework Laundry An hour is not labor unless someone is paying Also focus on formal sector
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LABOR FORCE MEASURES Labor Force - those that are working or looking for work LF = U+E Unemployment Rate (u) = U/LF Labor Force Participation Rate = LF/Population Employment Rate = E/Population
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LABOR FORCE PARTICIPATION 0 10 20 30 40 50 60 70 80 90 100 1880 1900 1920 1940 1960 1980 2000 2020 Labor Force Participation Rate (%) Year Men Women In 2007, 14.8% of women were in part- time jobs vs. only 3.6% of men.
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LFP OF MEN AGED OVER 65 0 10 20 30 40 50 60 70 80 90 100 1880 1900 1920 1940 1960 1980 2000 2020 Labor Force Participation Rate (%) Year
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LFP BY EDUCATION 0 10 20 30 40 50 60 70 80 90 100 Less than 12 years 12 years 13 15 years 16 years or more Labor Force Participation Rate (%) Years of Education Men Women
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COSTS AND BENEFITS OF WORK What are the BENEFITS associated with working? What are the COSTS associated with working?
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This note was uploaded on 10/28/2011 for the course ECON 440 taught by Professor Brown during the Fall '08 term at University of Illinois at Urbana–Champaign.

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Lecture 2 Labor Supply 1 post - LECTURE 2 LABOR SUPPLY 1...

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