Econ113Lect3F - Agenda Computers & other electronics...

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Agenda Computers & other electronics Homework #2 Rosenbloom (1990) Midterms
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Homework #2 Question: What accounts for disequilibrium in the 19th century U.S. labor market? In your essay, define this disequilibrium and provide evidence that the labor market did not clear. In addition, discuss the strengths and weaknesses of the works of this week’s authors as they relate to your thesis. Definitions: Market clearing Efficiency wages
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Rosenbloom (1990) One Labor Market or Many? How do we know if a labor market is “integrated?” What economic measures are most important to look for?
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Rosenbloom (1990) 1870-74 1875-79 1880-84 1885-89 1890-94 1895-98 Northeast 100 100 100 100 100 100 Midwest 122.5 128.0 126.3 121.8 121.2 120.5 West 146.2 147.5 131.8 129.6 122.6 122.9 South 97.2 102.0 97.2 96.5 96.9 96.3 Relative Real Wage Levels, 1870 - 1898
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Rosenbloom (1990) Explanations for this table? Williamson and Hatton: Industrial wages are “sticky” because of institutional factors such as unions. Firms pay efficiency wages. What are these??? Workers are then afraid to lose their high-paying jobs Farm workers come to the city to try to get these high- paying jobs Firms get their pick of workers… leads to unemployment in cities
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Econ113Lect3F - Agenda Computers & other electronics...

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