tailieunhanh - Lecture Labour market economics: Chapter 7 - Dwayne Benjamin, Morley Gunderson, Craig Riddell

Chapter 7 - Wages and employment in a single labour market. The following will be discussed in this chapter: Equilibrium in a single labour market, imperfect competition, payroll taxes, monopsony, minimum wage. | Chapter Seven Wages and Employment in a Single Labour Market Created by: Erica Morrill, Fanshawe College Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Chapter Focus Equilibrium in a single labour market Imperfect competition Payroll taxes Monopsony Minimum wage Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Competitive Firm’s Demand Assumptions : homogeneous type of labour price taker and wage taker Supply is perfectly elastic (horizontal) at the wage rate Firms can employ all the labour they need at the market wage rate Market wage rate is set by the aggregate labour market Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Figure Competitive Product and Labour Markets W N Wc W N Wc W N Wc S W0 W0 N01 N1 N02 N2 Ni D= Di S1 S2 Firm 1 Firm 2 Aggregate Labour Market Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Short-Run A firm may have to raise its wages to attract additional workers dynamic monopsony Short-run labour supply curve is upward sloping Chapter 7- © 2002 . | Chapter Seven Wages and Employment in a Single Labour Market Created by: Erica Morrill, Fanshawe College Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Chapter Focus Equilibrium in a single labour market Imperfect competition Payroll taxes Monopsony Minimum wage Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Competitive Firm’s Demand Assumptions : homogeneous type of labour price taker and wage taker Supply is perfectly elastic (horizontal) at the wage rate Firms can employ all the labour they need at the market wage rate Market wage rate is set by the aggregate labour market Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Figure Competitive Product and Labour Markets W N Wc W N Wc W N Wc S W0 W0 N01 N1 N02 N2 Ni D= Di S1 S2 Firm 1 Firm 2 Aggregate Labour Market Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Short-Run A firm may have to raise its wages to attract additional workers dynamic monopsony Short-run labour supply curve is upward sloping Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Figure The Labour Market in the Short Run and Long Run Labour 0 Wage D SS S1 S’S Supply of workers increase depressing the high short run wage D’ in demand leads to higher wages WS Wc Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Short-run and Long-run Labour Supply Long run Temporary wage increases above norm are consistent with the firm being a competitive buyer of labour Short-run wage increases can be a market signal ensures that market forces operate in the longer run Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Equilibrium in a Competitive Market Market-clearing model (neoclassical) for markets with homogeneous workers and homogeneous jobs wages will be equalized across workers absences of “involuntary unemployment” no queues for jobs or rationing of jobs Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. In Reality . The market-clearing model is not entirely true Wages do not adjust quickly to clear the market Involuntary unemployment is frequent Large .

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