ECO 2114 Chapter 2: study guide

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You should know the major indicators for the state of the aggregate labor market, of which there are three: the well-known and off-cited unem- ployment rate, the labour force participation rate, and the employ- ment-to-working-age-population ratio. You should be able to interpret all of them, and know their approximate current values. You should know something about how the values of these indicators vary across prov- inces and across demographic groups. I spoke a little bit about interna- tional comparisons of these indicators. Labour market policy in "anglo-saxon" countries tends to more "laissez-faire" in nature. ) The nordic countries (including the netherlands) constitute a third group, with pretty low unemployment rates (like the first group of countries), but with a greater degree of regulation designed to protect workers from the vagaries of labour markets. I went over the important distinction between the intensive margin and the extensive margin, which is a recurring theme in microeconomics - not just in labour economics.

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