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FH Düsseldorf 2013-2014 Pablo Agnese

Labor & Personnel Economics. pablo.agnese@fh-duesseldorf.de www.pabloagnese.com (23.32 00.43). FH Düsseldorf 2013-2014 Pablo Agnese. Outline. Unit 1: Introduction Unit 2: Definitions, facts, and trends Unit 3: The demand for labor Unit 4: The supply of labor

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FH Düsseldorf 2013-2014 Pablo Agnese

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  1. Labor & Personnel Economics pablo.agnese@fh-duesseldorf.de www.pabloagnese.com (23.32 00.43) FH Düsseldorf 2013-2014 Pablo Agnese

  2. Outline • Unit 1: Introduction • Unit 2: Definitions, facts, and trends • Unit 3: The demand for labor • Unit 4: The supply of labor • Unit 5: The determination of wages • Unit 6: Personnel Economics

  3. Goals • Different approaches / Philosophical background • Some technical stuff  • Some challenging discussions 

  4. Literature Main textbooks: McConnell, Brue, Macpherson Ehrenberg, Smith Kaufman, Hotchkiss Lazear, E., Personnel Economics in practice Also: W. Block (Austrian School)

  5. Grading Test (80%) Weekly practices (20%) Monitoring: email exchange and/or tutorials

  6. Unit 1: Introduction • Unit 2: Definitions, facts, and trends • Unit 3: The demand for labor • Unit 4: The supply of labor • Unit 5: The determination of wages • Unit 6: Personnel Economics

  7. 1.Introduction 1.1 Why labor economics? • Socioeconomic reason • Quantitative reason • Particular features (?) 1.2 Division of labor and comparative advantage • Task specialization • Efficiency • Human capital and technological development • Price system • Negative effects?

  8. 1.3Positive and normative economics • Positive economics identifies two assumptions: • Scarcity • Rationality • Normative economics looks at two types of transactions: • Beneficial exchange (voluntary) • Redistribution (involuntary) • Intervention v. non-intervention

  9. The labor market allows mutually beneficial exchanges between employers and employees Sometimes this might prove difficult Market failures and / or government failures : • Ignorance or lack of information • Externalities • Public goods • Regulations • Price distortion

  10. 1.3 Efficiency and Equality • No single set of Pareto-efficient transactions • “Social goal” What set is the most equitable? • Decisions on equality  political matter • Define a subjective standard of justice • Economics is NOT a zero sum ​​game!

  11. Summary of 1st class Why labor economics? Division of labor and comparative advantages Positive and normative: role for government? Market failures: role for government? Efficiency and equality: role for government? Say’s law

  12. We should ask then: • Why should we specialize? • E.g. Hunters and collectors • People have different natural skills (sports, risky jobs) • Education • Cooperation • What are the obstacles? • - Coordination • How does the capitalist system solve these problems? • Price system (commodities and labor!) • Prices/wages  productivity of firms/disutility of work

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