AS.180.350 Lecture Notes - Lecture 1: Perfect Competition, Aid To Families With Dependent Children, Reservation Wage

• School: JHU
• Department: AS Economics, AS Dean's Teaching Fellowship Courses
• Course: AS.180.350
• Professor: Husain

Document Summary

Job creation and job destruction: us: positive employment growth, creative destruction technological innovation, compare to: static labor markets, note: us vs europe, 2. Changes in composition of labor force: us labor force participation of women, rising (last 35 years, 68 75, us labor force participation (general, working-age population 16+, 45 47, us trend: increase in foreign-born workers, 3. Earnings and productivity relation: always positively related, higher productivity = higher earnings, productivity = output per worker, 4. Us changes in sector of employments: agriculture share has dipped, manufacturing share has increased, 5. Importance of non-wage benefits: non-wage benefits have increased in most us firms, since 2008, 6. Union: public-sector union 15% in us, private-sector unions 7% in us, 7. Role of government in labor markets: public sector: 15 - 20% of total employment, private sector: 80 - 85% of total employment. Unemployment and business cycle: unemployment and business cycle negative relation.