Principles_Ch10.pp document presentation

development of labor

1. Chapter
Ten:
Markets for Labor

2. Labor in the Traditional
Neoclassical Model

3. Figure 10.1: Upward-Sloping Labor Supply Curve

4. Figure 10.2: Backward-Bending Individual Labor
Supply Curve

5. Figure 10.3: Median Weekly Earnings of U.S.
Workers, by Educational Attainment, 2012
Source: U.S. Bureau of Labor Statistics, “Employment Projections,” www.bls.gov/emp/ep_chart_001.htm, May 22, 2013

6. Labor Supply and Demand
at the Market Level

7. Figure 10.4: The Market for Website Designers

8. Changes in Jobs and in the
Labor Market

9. Figure 10.5: Average Annual Hours Worked, Select
OECD Countries, 2012
Source: OECD Employment Outlook 2013, Statistical Annex, Table K.

10. Alternative Explanations for
Variations in Wages

11. Figure 10.6: Union Membership in the U.S., 1940-2012
Source: U.S. Bureau of Labor Statistics, Union Membership Data from the National Directory Series and Union Affiliation
Data from the Current Population Survey.

12. Figure 10.7: Median Weekly Earnings, Select
Groups of U.S. Workers Age 25-54, 2013
Source: U.S. Bureau of Labor Statistics, “Usual Weekly Earnings of Wage and Salary Workers,” Economic News Release, July 18, 2013.

13. Wages and Economic
Power

14. Figure 10.8: Real Median Weekly Wages Versus
Real Corporate Profits, United States, 1980-2012
Sources: U.S. Bureau of Economic Analysis, National Income and Product Accounts Tables; U.S. Bureau of Labor Statistics, Weekly and Hourly Earnings Data
from the Current Population Survey.

15. Appendix: A Formal Model
of a Firm’s Hiring Decision

16. Figure 10.9: Marginal Revenue Product of Labor
and Marginal Factor Cost of Labor