Preface to the Student; Preface to the Instructor; PART I; 1 Introduction to Labor Economics; 1.1 Tipping Busboys; 1.2 Labor Economics; Key Principles; 1.3 Economic Detection; Arguments and Explanations; Standards for Evaluating Hypotheses; Scientic Method; 1.4 Data; Current Population Survey (CPS); Current Employment Survey (CES) and Other Datasets; Occupation Averages in the CPS; 1.5 Empirical Methods; Regression; Causation of Instrumental Variables; Before-and-After Comparison With and Without a Control Group; Condence With Caution; 1.6 For Your Toolbox; Lines; Slopes, Marginal Changes, and Elasticities; Logarithms; Random Variables and Distributions; Adjusting for Ination; 2 Labor Markets; 2.1 Competitive Labor Market; Demand for Nurses; Supply of Nurses; Equilibrium in the Market for Nurses; Shifting the Equilibrium; 2.2 Government Controls; Minimum Wage; Employment Taxes; 2.3 Multiple Competitive Labor Markets; Multi-Market Equilibrium and Migration; Minimum Wage with Partial Coverage; 2.4 Monopsony; Monopsony Model; Application: Baseball’s Reserve System; 3 Labor Supply; 3.1 Motivating Evidence; Participation and Employment Rates; Weekly Hours of Work; 3.2 Hours of Work; Opportunities; Preferences; Consumption-Leisure Choice; Changing Nonlabor Income; Changing the Wage Rate; Labor Supply Curve; 3.3 Applications; Taxing Labor Income; Incredible Shrinking Workweek; Retirement; 3.4 Whether to Work; Reservation Wage; Application: Commuting and Other Costs of Work; Application: Cash Grants and Income Guarantees; 3.5 Family Labor Supply and Home Production; 3.6 Market Labor Supply; 4 Labor Demand; 4.1 Short-Run Labor Demand; Production Function and the Total-Product Curve; Average and Marginal Products of Labor; Pro t; Pro t-Maximizing Choice of Employment; Short-Run Labor Demand Curve; Factors That Shift Labor Demand in the Short Run; Payroll Tax and Short-Run Labor Demand; 4.2 Long-Run Labor Demand; Production Function and Isoquant Curves; Cost Function and Isocost Lines; Cost-Minimizing Mix of Labor and Capital; Application: Cross-Country Differences in Capital Intensity; Pro t-Maximizing Choice of Labor and Capital; Long-Run Labor Demand Curve; Factors That Shift Labor Demand in the Long Run; Application: Short-Run v. Long-Run Effects of the Minimum Wage; 4.3 Market Labor Demand; Application: Demand for Palestinian Labor in Israel; Equilibrium Price Effects and Marshall’s Rules; PART II; 5 Attributes of the Job; 5.1 Market for Work on Dirty Jobs; Supply of Labor to Dirty Jobs; Demand for Labor on Dirty Jobs; Equilibrium Wage Premium on Dirty Jobs; 5.2 Model of Compensating Wage Differentials; Wage-Dirt Curve; Worker’s Job Choice; Firm’s Job Choice; Equilibrium Compensating Wage Differential; Application: Occupational Safety Regulation; Application: Value of Life; 5.3 Workday and Job Choice; Employer’s Interest in the Length of the Workday; Compensating Wage Differentials for Long Workdays; 5.4 Employee Benefits; Composition of Pay; Taxing Wages But Not Benefits; But Cushy Jobs Pay More; 6 Schooling; 6.1 Schooling as an Investment in Human Capital; Wage Profiles and the Wage-Schooling Curve; Wealth and Iso-Wealth Curves; Wealth-Maximizing Schooling Choice and the Demand for Schooling; Equilibrium Wage-Schooling Curve; 6.2 Estimating the Rate of Return to Schooling; Rate of Return to Schooling Across Occupations; Differences in the Interest Rate; Tuition, Death, and Taxes; Differences in Ability; Avoiding Ability Bias; 6.3 Schooling as a Signal of Ability; Signaling Model of Schooling; Signaling or Human Capital?; 6.4 Application: Schooling and the Workweek; 7 Training, Turnover, and Migration; 7.1 General Training; On-the-Job Training as an Investment; Productivity and Wage Profiles; Who Pays for General Training?; Wages and Work Experience Across Occupations and Workers; Labor Supply Over the Life Cycle; 7.2 Applications; Military Training of Commercial Pilots; MBAs; Baseball’s Reserve System; 7.3 Specific Training; Who Pays for Specific Training?; Specific Training and Turnover; 7.4 Matching Models of Turnover; Searching on the Job; Learning the Value of the Match; 7.5 Migration; Migration as an Investment in Human Capital; Application: Indentured Servitude; Selection on Skill; Effects of Immigration in the Short Run and Long Run; Application: Mariel Boatlift; 8 Discrimination; 8.1 Measuring Wage Gaps; Wage Gaps by Sex, Race, and Ethnicity; Standardized Comparison; Accounting for Changes in Wage Gaps; Wage Gaps by Sex Across Countries; Wages and the Sex and Race Compositions of Occupations; 8.2 Identifying the Effects of Discrimination; Omitted Skill Variables; Control Group of Nondiscriminators; Test Scores and the Long Shadow of Discrimination in Childhood; Discrimination in Hiring: Audit Studies and Blind Auditions; 8.3 Modeling Discrimination; Employer Discrimination; Employee Discrimination; Customer Discrimination; Monopsony Discrimination; Statistical Discrimination; 8.4 Can Discrimination Survive in the Long Run?; Paying a Price to Discriminate; Institutionalized Discrimination; 8.5 U.S. Anti-Discrimination Policy; 9 Unions; 9.1 Historical Context; Union Membership; Union Wage Premium; 9.2 Models of Unions; Union Bargaining with a Monopsony Employer; Monopoly Union; Efficient-Contracting Union; 9.3 Applications; Comparing Union Models; Recipe for a Successful Monopoly Union; Effects of Unions on Nonunion Wages; 10 Wage Distribution; 10.1 Measuring the Distribution of Wages; Dispersion; Asymmetry; Application: Wage Inequality Across Occupations; 10.2 Economic Models of Wage Inequality; Ability; Schooling; Job Assignment in Hierarchies; Superstars; 10.3 Application: Widening Distribution of Wages; Increasing Return to Skills; Skill-Biased Innovations and the Baby Boomers; International Trade and Immigration; Institutions; PART III; 11 Compensation Strategies; 11.1 Introduction to Compensation; Production Environment; Efficient Effort; Self-Employment; Profit Sharing and Shirking; 11.2 Performance Pay; Personal Performance; Relative Performance; Application: Self-Employment and Entrepreneurship; 11.3 Efficiency Wage and the Threat of Dismissal; Efficiency Wage; Threat of Dismissal; Application: Mandatory Retirement; 11.4 Compensation of Chief Executive Officers; Level of CEO Pay; Sensitivity of CEO Pay to Firm Performance; Application: Personal Use of the Corporate Jet; 12 Unemployment; 12.1 Disequilibrium Unemployment; Minimum Wage and Efficiency Wage; 12.2 Steady-State Unemployment; Flows Between Labor-Market States; Distribution of Lengths of Spells of Unemployment; 12.3 Job Search; 12.4 Applications; Unemployment Insurance; European Unemployment; 12.5 Unemployment in the Macroeconomy; Ination and Unemployment; Phillips Curves in a Model of Aggregate Fluctuations; Answers to the Practice Questions; Glossary; Index

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