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ECON 2010 Chapter 6 Notes

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ECON 2010
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Chapter 6Trend 1 Increasing Real WageCommon in industrialized countries in 20th centuryUS real earnings in 2010 are about twice real earnings in 1960and nearly five times real earnings in 1929bc technology increasesTrend2 Slower Wage Growth Since Early 1970sRealy wage growth1960197325 per year19731996110199620102197320100Trend 3 Increased Wage Inequality in USReal GDP per capita doubled between 1960 and 2010 but averagereal weekly earnings of production workers fellIncome with an advanced college degree is three times the incomeof a high school graduate and four times the income of a worker who did not graduate from high schoolTrend 4 Increasing Employment in USIn 1970 57 of the over 16 population had jobsin 2007 63 of the over 16 population had jobsBw 1980 and 2007 the US economy created 46 million new jobs and employment increased 46 At the same timeFocus on aggregate levels of employment and real wagesSupply and demand analysisWho purchases laborBuyer
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