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Unformatted text preview: Compensating differential- differences in wages arising to offset the nonmonetary characteristics of the job Human Capital Future Labor Market Job churning +/- 30 million jobs per year 6 different jobs in 10 years after college Supply shift- demographic bulge Fastest growing occupations Biomedical engineering Network systems analyst Home health aide Home care aide Financial examiner Hitches in the Labor Market Government A government imposed binding minimum wage Labor Unions “Cartel” among laborers in labor, not product market Such collusion illegal under Sherman Anti-trust Law Clayton Act 1914- specifically exempted labor unions from antitrust Two basic forms of Unions Craft Unions- restrict supply...
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- Summer '07
- Supply And Demand, Biomedical engineering Network systems analyst Home health aide Home care aide Financial examiner, wage Labor Unions, wage differential exist