The Economics of the Labour Market
This important new text contains comprehensive and up to the minute coverage of the economics of the labour market. It will provide students with a readily accessible guide to the theoretical and empirical analysis of labour markets, including coverage of
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THE ECONOMICS OF THE LABOUR MARKET David Sapsford Prifessor of Economics University of IAncaster and
Zafiris Tzannatos World Bank, Washington, DC
Macmillan Education
ISBN 978-0-333-53496-0 ISBN 978-1-349-22825-6 (eBook) DOI 10.1007/978-1-349-22825-6 © David Sapsford and Zafiris Tzannatos 1993 Softcover reprint of the hardcover 1st edition 1993
All rights reserved. For infonnation, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010 First published in the United States of America in 1993 ISBN 978-0-312-09671-7 Library of Congress Cataloging-in-Publication Data Sapsford, David. Economics of the Iabour market / David Sapsford and Zafiris Tzannatos. p. cm. Includes bibliographicaI references and index. ISBN 978-0-312-09671-7 1. Labor economics. 2. Labor market. 1. Tzannatos, Zafiris, 1953- . 11. Tide. HD4901.S228 1993 331.12-dc20 93-6700 CIP
Contents
List of Figures
Vl
List ofTables
lX
Preface
x
1 Introduction
1
2 Labour Supply: The Basic Model
7
3 Labour Supply: Extensions
45
4 Human Capital
69
5 Labour Demand: The Basic Model
109
6 Labour Demand: Some Extensions
135
7 Wage and Employment Determination
155
8 The Distribution of Pay
173
9 Discrimination in the Labour Market
209
10 The Economics of Trade Unions
245
11 Wage Determination under Collective Bargaining
285
12 Search in the Labour Market
334
13 Wage Inflation
353
14 Unemployment
385
References
421
Index
453
List of Figures 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9
The individual's worklleisure choice Tbe effect of a change in the wage rate Tbe individual's labour supply curve Overtime payments Alternative non-linear budget constraints Reduction in direct taxes Payment by results Employer-determined working day Workaholics and non-participants 2.10 Unemployment benefit and labour supply 2.11 Reservation wage 3.1 Allocation of time between horne production, market work and leis ure 3.2 A truncated distribution 3.3 A comparison between sampie estimates and population estimates of wages 4.1
4.2 4.3 4.4 5.1 5.2 5.3 5.4
The market for educated labour
Costs and lifetime benefits to education A typical age-earnings profile Specific training The firm's iso quant map The firm's short-run production function Tbe firm's marginal revenue product schedule Tbe firm's short-run labour demand curve and competitive condition in the product market 5.5 Perfect versus imperfect competition 5.6 A long-run expansion path 5.7 The firm's long-run labour demand curve 5.8 Industry demand for labour 5.9 Elasticity of substitution 6.1 Economy of high wages 7.1 Perfectly elastic labour supply curve 7.2 Wage and employment determination under perfect competition 7.3 Monopsonist's labour supply curve 7.4 Monopsony 7.5 Absence of a labour demand curve under monopsony
21 24 26 29 31 33 35 37 39 40 41 51 58 63 71
74 81 105 111 112 113 118 121 122 124 127 130 152 157 158 159 161 162
List of Figures 7.6 Discriminating monopsony 7.7 Equilibrium versus disequilibrium in the labour market 7.8 Pol
