ECON 423 Lecture 12: Lecture 12 Notes - ECON 423.docx
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3. 9m hires in us labor market in may 2009: measuring after recession (2009, unemployment reaches almost as high as in 1980s but have close to 4m hires, but get 4. 36m being separated from work" (some were fired, some left job and went to another job, going back to school, retiring, or going to armed services, shows that textbook is right, there is a tremendous amount of turnover. 5: get more labor in both sectors, both mpk go up, labor works more in both sectors, no increase in factors so mpl goes down, wages driven down by inflow of workers from other countries owners of land + owners of capital will benefit, looking at migration of factor working in both sectors, don"t look at land migration, capital inflow is of practical importance, bring in more capital, than mpk will fall if you don"t bring in more labor cet. par.
