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1 Labor Economics Seventh Edition George J. Borjas Harvard University Mc Graw Hill Education
2 Contents Chapter 1 Introduction to Labor Economics An Economic Story of the Labor Market The Actors in the Labor Market Why Do We Need a Theory? 7 Summary 11 Review Questions 11 Key Concepts 11 Web Links 11 Appendix: An Introduction to Regression Analysis 12 Key Concepts 20 Chapter 2 Labor Supply Measuring the Labor Force Basic Facts about Labor Supply The Worker's Preferences The Budget Constraint The Hours of Work Decision To Work or Not to Work? The Labor Supply Curve Estimates of the Labor Supply Elasticity Labor Supply of Women Policy Application: Weifare Programs and Work Incentives Policy Application: The Earned Income Tax Credit Labor Supply over the Life Cycle Policy Application: The Decline in Work Attachment among Older Workers 73 Theory at Work: Dollars and Dreams 40 Theory at Work: Winning the Lotto Will Change Your Life 43 Theory at Work: Work and Leisure in Europe and the United States 48 Theory at Work: Gaming the EITC 63 Theory at Work: Cabbies in New York City 69 Theory at Work: The Notch Babies 75 Summary 79 Key Concepts 79 Review Questions 79 Problems 80 Selected Readings 83 Web Links 83 Chapter 3 Labor Demand The Production Function The Employment Decision in the Short Run The Employment Decision in the Long Run The Long-Run Demand Curve for Labor The Elasticity of Substitution Policy Application: Affirmative Action and Production Costs Marshall's Rules of Derived Demand Factor Demand with Many Inputs Overview of Labor Market Equilibrium Policy Application: The Employment Effects of Minimum Wages Adjustment Costs and Labor Demand Rosie the Riveter as an Instrumental Variable 133 Theory at Work: California 's Overtime Regulations and Labor Demand 104 Theory at Work: Minimum Wages and Drunk Driving 125 Theory at Work: Work-Sharing in Germany 132 Summary 139 Key Concepts 139 Review Questions 140 Problems 140 Selected Readings 143 Web Links 143 XV
3 xvi Contents Chapter 4 Labor Market Equilibrium Equilibrium in a Single Competitive Labor Market Competitive Equilibrium across Labor Markets Policy Application: Payroll Taxes and Subsidies Policy Application: Payroll Taxes versus Mandated Benefits Policy Application: The Labor Market Impact of Immigration Policy Application: Environmental Disasters and the Labor Market The Cobweb Model Noncompetitive Labor Markets: Monopsony 183 Theory at Work: The Intifadah and Palestinian Wages 146 Summary 190 Key Concepts 191 Review Questions 191 Problems 191 Selected Readings 194 Web Links 195 Chapter 5 Compensating Wage Differentials The Market for Risky Jobs The Hedonic Wage Function Policy Application: How Much Is a Life Worth? Policy Application: Safety and Health Regulations Compensating Differentials and Job Amenities Policy Application: Health Insurance and the Labor Market 219 Theory at Work: Life On the Interstate 210 Theory at Work: Jumpers in Japan 213 Summary 222 Key Concepts 223 Review Questions 223 Problems 223 Selected Readings 227 Web Links 228 Chapter 6 Human Capital Education in the Labor Market: Some Stylized Facts Present Value The Schooling Model Education and Earnings Estimating the Rate of Return to Schooling Policy Application: School Construction in Indonesia Policy Application: School Quality and Earnings Do Workers Maximize Lifetime Earnings? Schooling as a Signal Postschool Human Capital Investments On-the-Job Training On-the-Job Training and the Age-Earnings Profile Policy Application: Evaluating Government Training Programs 273 Theory at Work: Destiny at Age Theory at Work: Booker T. Washington and Julius Rosenwald 250 Theory at Work: Is the GED Better Than Nothing? 261 Theory at Work: Earnings and Substance Abuse 272 Summary 275 Key Concepts 276 Review Questions 276 Problems 277 Selected Readings 280 Web Links 281 Chapter 7 The Wage Structure The Earnings Distribution Measuring Inequality The Wage Structure: Basic Facts 288
4 Contents xvii 7-4 Policy Application: Why Did Wage Inequality Increase? The Earnings of Superstars Inequality across Generations 303 Theory at Work: Computers, Pencils, and the Wage Structure 297 Theory at Work: Rock Superstars 302 Theory at Work: Nature and Nurture 306 Summary 306 Key Concepts 307 Review Questions 307 Problems 307 Selected Readings 310 Web Links 311 Chapter 8 Labor Mobility Geographie Migration as a Human Capital Investment Internal Migration in the United States Family Migration Immigration in the United States Immigrant Performance in the U.S. Labor Market The Decision to Immi grate The Economic Benefits from Immigration Policy Application: High-Skill Immigration and Human Capital Externalities Policy Application: Intergenerational Mobility of Immigrants Job Turnover: Facts The Job Match Specific Training and Job Turnover Job Turnover and the Age-Earnings Profile 353 Theory at Work: Power Couples 322 Theory at Work: Hey Dad, My Roommate Is So Smart, I Got a 4.0 GPA 343 Theory at Work: Health Insurance and Job-Lock 351 Summary 356 Key Concepts 357 Review Questions 357 Problems 358 Selected Readings 361 Web Links 361 Chapter 9 Labor Market Discrimination Race and Gender in the Labor Market The Discrimination Coefficient Employer Discrimination Employee Discrimination Customer Discrimination Statistical Discrimination Experimental Evidence on Discrimination Measuring Discrimination Policy Application: Determinants of the Black-White Wage Ratio Discrimination against Other Croups Policy Application: Determinants of the Female-Male Wage Ratio 398 Theory at Work: Beauty and the Beast 372 Theory at Work: Discrimination in the NBA 377 Theory at Work: Employment Discrimination in China 383 Theory at Work: "Disparate Impact" and Black Employment in Police Departments 390 Theory at Work: Shades of Black 394 Theory at Work: 9/11 and the Earnings of Arabs and Muslims in the United States 397 Theory at Work: Orchestrating Impartiality 401 Summary 405 Key Concepts 406 Review Questions 406 Problems 406 Selected Readings 410 Web Links 411 Chapter 10 Labor Unions Unions: Background and Facts Determinants of Union Membership Monopoly Unions Policy Application: Unions and Resource Allocation 425
5 xviii Contents 10-5 Efficient Bargaining Strikes Union Wage Effects Nonwage Effects of Unions Policy Application: Public-Sector Unions 448 Theory at Work: The Rise and Fall of PATCO 422 Theory at Work: The Cost of Labor Disputes 436 Theory at Work: Occupational Licensing 444 Theory at Work: Do Teachers' Unions Make Students Better Off? 449 Theory at Work: Lawyers and Arbitration 450 Summary 451 Key Concepts 452 Review Questions 452 Problems 453 Selected Readings 457 Web Links 457 apter11 Incentive Pay Piece Rates and Time Rates Tournaments Policy Application: The Compensation of Executives Policy Application: Incentive Pay for Teachers Work Incentives and Delayed Compensation Efficiency Wages 480 Theory at Work: Windshields by the Piece 463 Theory at Work: How Much is Your Soul Worth? 466 Theory at Work: Incentive Pay Gets You to LAX on Time 468 Theory at Work: Playing Hardfor the Money 471 Theory at Work: Are Men More Competitive? 474 Theory at Work: Did Henry Ford Pay Efficiency Wages? 484 Summary 489 Key Concepts 489 Review Questions 490 Problems 490 Selected Readings 493 Web Links 493 Chapter 12 Unemployment Unemployment in the United States Types of Unemployment The Steady-State Rate of Unemployment Job Search Policy Application: Unemployment Compensation The Intertemporal Substitution Hypothesis The Sectoral Shifts Hypothesis Efficiency Wages and Unemployment Implicit Contracts Policy Application: The Phillips Curve Policy Application: The Unemployment Gap between Europe and the United States 532 Theory at Work: The Long-Term Effects ofgraduating in a Recession 501 Theory at Work: Jobs and Friends 507 Theory at Work: Cash Bonuses and Unemployment 515 Theory at Work: The Benefits ofui 519 Summary 535 Key Concepts 536 Review Questions 536 Problems 537 Selected Readings 540 Web Links 540 Mathematical Appendix: Some Standard Models in Labor Economics 541 Indexes 552 Name Index 552 Subject Index 560
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