黄新飞 《微观经济学》Chapter 13.pptVIP

Chapter 13 Labor Market 黄新飞 International Business School Sun－Yat Sen University * Introduction What do Michael Eisner and Michael Jordan have in common, besides of course their first names? Well, both earn over $50 million a year, Eisner as the head of Walt Disney and Jordan as an athletic superstar. * The General Wage Level Real Wage represents the purchasing power of an hour’s work, or the money wages divided by the cost living. With the advent of the technological and social changes associated with the Industrial Revolution, real wage is increasing. * * Productivity and Wages How might a worker’s productivity or marginal productivity change and thereby change his/her wages? The most important influences on productivity are: the amount of capital and natural resources that a person has to work with, the state of the technology, and the quality of the labor itself. * Marginal Product Principles Determine Factor Distribution of Income Quantity of Labor Marginal product of labor Marginal Product, Wage Rate Supply of Labor Wage Rent * Labor Supply As we saw earlier, if the labor supply curve shifts, then wages can rise or fall. The three major determinants of labor supply are labor force participation, hours worked, and the rate of immigration. * Backward Bending Curve * The Reason At higher wages, workers can afford more leisure even though each extra hour of leisure costs more in wages foregone. To see this, put yourself in the shoes of a worker who is offered higher hourly rates and the freedom to choose the number of hours worked. * 课堂测试 以前，克莱夫可以根据自己的需求自由选择每周的工作时间，但是一个新的法律限制他每周的工作时间最多为35小时。解释在什么情况下他会变得： 情况恶化 情况和以前一样 情况更好 * Why does Michael Jordan make more than the president? Why do doctors earn 15 to 20 times more than lifeguards even though both are saving lives? Wage Differentials * Compensating Differentials One reason has to do with so-called compensating differentials that measure the re