100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
ECON0047 Labour Summary UCL £12.49   Add to cart

Summary

ECON0047 Labour Summary UCL

 40 views  2 purchases

A detailed summary of the lecture material for Economics of Labour (ECON0047) taught by Dr Hyejin Ku, complete with information from live lectures and additional information from reading lists. Final mark: 80%

Preview 4 out of 49  pages

  • June 13, 2023
  • 49
  • 2022/2023
  • Summary
All documents for this subject (3)
avatar-seller
joelchoo
WEEK1


Introduction




bestworker lowest
possiblewage
wages




laborer good
DEMAND firm DEMAND consumers


supply consumes supply firm

outputtiedtosupply outputnottiedtoSUPPLY

requiresmoreregulation
4 pronetoexploitation


analysingthis weneedto
detrend
data
a employment twochange
showstrueeffectofchange

, ILaboursupply

force
Labour UtE
unemployed t employed
employed
employed
I
jjj.m.mn
participates
outofLF
force
Labour
participationrate
labourforce
adult topopnotininstitutions


unemployment.ae
amtmninaD
beingunemployedhessubjectivecriteria
4 understatesunemployed doesn'ttakethisintoaccount

Employment populationratio

moreaccuratemeasureoffluctuation ineconomicactivity

But IElpcouldbeeitherdue to to orexogenous f in P




t womendo
productivity
pittateA
parttime
y
workinghoursd
1A neoclassicalmodel
utility

U = f (C; L)

, violatestransitivity




needstotradeofflargeCformore

Budgetconstraint


I
easiertotest C = wh + V
w wage
h workinghours
V nonlabourincome

n t c
d
C = w(T ¡ L) + V
com nonlabour
income
C hours
leisure




slope


Cgivennowork O endowment



choiceofworkinghours
envex diminishingMrs
g w

t

1 ofhaste w

I w
Muc Ypention Ypentione

, LetV9
shiftsbudgetconstraint
up




p p

weknowthisisthecase


ineffery t givennonlabourincomet talweyst



Letwin
constraint
pivotsbudget up
es or




dominates
withhighwages




incomeeffect substitutioneffect
dominates dominates


effect
income substitutioneffect


clongsent

e
isolates Ic Al I p p me in
Al
pye th byincomeegret
t
fessedbyinconet
pricesarefixed Utilityisfixed
income

inincome f priceofleisure
Tdemandforleisure Ierististeisenstinising
purelytummy

onlyforthosealreadyworking

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller joelchoo. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67474 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£12.49  2x  sold
  • (0)
  Add to cart