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Economics and Labour. Issues and Concepts. Work is a big part of our lives Why are you at school? What are they talking about when they talk about an economic crisis? Can you recall a union job action? Economics studies behaviour and markets

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economics and labour

Economics and Labour

Issues and Concepts

slide2

Work is a big part of our lives

    • Why are you at school?
    • What are they talking about when they talk about an economic crisis?
    • Can you recall a union job action?
  • Economics studies behaviour and markets
    • What would an individual do if circumstances change?
    • Why do we see what wee see?
    • Equilibrium.
    • Labour market is just one of the many markets
slide3

(super short) Introduction to Economics

  • IES!
  • We have preconceptions
  • Economists are just a bunch with common preconceived ideas = Economics paradigm
    • Unlimited wants
    • Scarce resources
    • Choice is a consequence of scarcity
    • Opportunity cost is a consequence of scarcity
    • Opportunity cost = too important to miss
    • Homo economicus = (smart) maximizer
slide4

Economic systems

    • Traditional economies
    • Command economies
    • Market economies
    • Mixed economies
    • Why mixed?
slide5

Some (a little) more techy stuff

    • Decision makers
      • Individuals
      • Households
      • Firms
    • Individuals/households maximize utility
      • Scarcity => maximize surplus
    • Firms maximize profits
      • Profits = surplus
      • Why profits? “Corporations are people, my friend!” ® Mitt Romney
    • Marginal reasoning
    • Marginal cost
    • Marginal benefit
    • Marginal revenue
slide6

Labour markets are complex

    • Market equilibrium (a distilled picture)
      • Demand
      • Supply
      • Equilibrium
      • Efficiency of equilibrium
    • Institutions
      • A firm as a black box
      • Transaction costs
        • Internal labour market
        • Long term contracts
        • Labour contracts <= limitations from the government
        • Labour contracts <= limitations from the (national) unions
        • Labour contracts <= limitations from the set of rules/laws
    • Social forces
      • Traditional economy, eh?
      • Changes in social norms
        • Women labour market participation: two stories
        • Gender/sex/race/ethnicity/age/citizenship/disability
      • Have you heard about the US corporations hiring veterans?
slide7

Policies and morals

    • Positive statements vs
    • Normative statements
    • Policy considerations are a mix of positive and normative