TAILIEUCHUNG - Lecture Principles of economics - Chapter 17: Wages and unemployment

This is the third of three chapters on macroeconomic measurement. This chapter analyzes the labor market from a macroeconomic perspective. The authors focus on how the demand for and supply of labor determine wages and the level of employment, and how unemployment and labor market participation are measured. | Wages and Unemployment Chapter 17 McGraw-Hill/Irwin Copyright © 2015 by McGraw-Hill Education (Asia). All rights reserved. Learning Objectives Discuss the four important trends that have characterized labor markets in industrialized countries Apply a supply and demand model to understand the labor market Explain how changes in the supply of and the demand for labor explain trends in real wages and employment since 1960 Define and calculate the unemployment rate and the participation rate Differentiate among the three types of unemployment defined by economists and the costs associated with each Trend 1: Increasing Real Wages Common in industrialized countries in the 20th century Trend 2: Slower Wage Growth Since 1973 The annual rate of real wage growth is uneven Data on real wage growth in the United States: 1960 – 1973 per year 1973 – 1996 per year 1996 – 2010 2% per year 1973 – 2010 0% per year Year . Japan Canada S. Korea 1990 1995

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