This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
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...
View Full Document
- Summer '07