Labour Market Economics

First published in 1981, Labour Market Economics develops the basic economic theory of introductory courses within the context of labour market analysis and applies it both to particular features and special problems of the subject. The author begins by outlining the nature of the area and the structure of the UK labour market at the time, and proceeds to explain and elaborate the tools of theoretical analysis. These are then applied in subsequent chapters to a variety of issues, including the economic analysis of trade unions, collective bargaining and the effects of unions, unemp

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Year of publication:	2013
Authors:	Sapsford, D.
Publisher:	Hoboken : Taylor and Francis

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Cover; Labour Market Economics; Title Page; Copyright Page; Original Title Page; Original Copyright Page; Table of Contents; Preface; 1 Introduction. The Economic Analysis of Labour; Some basic questions in labour economics; The economist's approach; Labour in the UK economy; Competition in the labour market; Trade unions in the UK; Collective bargaining; Inflation and the labour market; Unemployment; The inequality of pay; Plan of this book; Part One Wage Theory; 2 Labour Supply; Who supplies labour?; The labour-force participation decision; Participation and the demand for labour
Some empirical evidenceThe individual's work/leisure choice; The individual's labour supply curve; Overtime working; Supply of hours and hours actually worked; 3 Labour Demand; The individual firm's demand for labour in the short run; The individual firm's demand for labour in the long run; Industry demand for labour; The elasticity of derived demand; A cautionary note; 4 Wage and Employment Determination; Wages and employment at the level of the firm in a perfectlycompetitive labour market; Monopsony in the labour market; Wages and employment in imperfect labour markets
The imposition of a minimum wageDiscriminating monopsony; Fixed employment costs; Part Two Economic Aspects of Trade Union Behaviour; 5 The Economics of Trade Unions; Trade unions in the UK: a brief history; Trade union structure; The theory of union growth; Trade unions economic or political institutions?; Union objectives; 6 Wage Determination under Collective Bargaining and theEffects of Unions; Wage determination under trade unionism: the bilateral monopolyformulation; Some theories of the collective-bargainingprocess; Unions and relative wages; Unions and resource allocation
Part Three Further Topics7 Wage Inflation; The facts to be explained; The Phillips curve; Lipsey's theory of the Phillips curve; Cost push or demand pull?; Policy implications for wage and price inflation; Trade unions and wage inflation; The demise of the Phillips curve?; The role of price expectations; Wage inflation and incomes policies; 8 Unemployment and Unfilled Vacancies; Types of unemployment; Job search; Structure of unemployment in the UK; Is unemployment benefit induced?; Policies to reduce unemployment; Demand-deficient versus non-demand-deficient unemployment
The relationship between unemployment and unfilled vacancies9 Wage Structure; Wage structure by occupation; Economic theories of occupational differentials; Changes in the occupational wage structure over time; Skill differentials; White collar differentials; Government intervention and differentials; Human capital theory; Industrial wage structure; Stability of the industrial wage structure; Determinants of average wages by industry; Notes; References; Index

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