Beyond Supply and Demand

Beyond Supply and Demand - i) Taste Theories ii)...

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A Guide to Labor Economics beyond Supply and Demand C. Who Earns What and Why? Reasons for Wage Differentials include: 1. Job characteristics (“Compensating Differentials”). 2. Productivity, or Skill Differentials: a) Education b) Training: i) General ii) Firm-Specific c) Multiple Worker Capacities, Selection and Matching d) Immigrant Assimilation 3. Search and Frictions 4. “Discrimination”
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Unformatted text preview: i) Taste Theories ii) Statistical Discrimination iii) Other models, e.g. monopsony, collusion. D. Changing Levels and Distributions of Earnings: 1. Institutional factors (minimum wages, unions) 2. Supply shocks: immigration, cohort size, etc. 3. Effects of International Trade 4. Effects of Technological Change 5. Effects of Changes in Product Markets (e.g. deregulation)...
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