TAILIEUCHUNG - Lecture Economics (6/e): Chapter 29 - Stephen L. Slavin

Chapter 29 - Labor markets and wage rates. This chapter presents the following content: The supply of labor, the demand for labor, high wage rates and economic rent, real wages and productivity, the minimum wage dispute. | Chapter 29 Labor Markets and Wage Rates 29-1 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter Objectives The supply of labor The demand for labor High wage rates and economic rent Real wages and productivity The minimum wage dispute 29-2 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Income Disparity Why do some individuals make millions and millions of dollars a year while the typical American wage earner was paid between $25,000 and $35,000 There are several reasons but the bottom line is supply and demand 29-3 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Supply of Labor Noncompeting groups There are three classes of labor Skilled, semiskilled, and unskilled In a sense there are thousands of noncompeting groups However, if there are opportunities in certain fields, people will go through the necessary training and compete for the jobs So in another sense, we are all competitors in the same employment pool In the long run most of us can learn to do many different jobs In the short run we are all partial substitutes for one another 29-4 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Theory of the Dual Labor Market The theory of the dual labor market places the labor force into two broad categories The primary market and the secondary market The primary market has most of the good jobs, which not only pay well but offer good opportunities The secondary market market consist of all the jobs that are left over So-called disposable workers fill these low pay, dead end, and often temporary jobs 29-5 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Theory of the Dual Labor Market The theory of the dual labor market is a class theory of employment The rich stay rich and the poor stay poor The college degree seems to be the dividing line The theory of the dual labor market does not account for the huge middle level of occupations, .

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