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Public Policy And Job Search

Even if some frictional unemployment is inevitable, the precise amount is not. The faster information spreads about job openings and worker availability, the more rapidly the economy can match workers and firms. The Internet, for instance, may help facilitate job search and reduce frictional unemployment. In addition, public policy may play a role. If policy can reduce the time it takes unemployed workers to find new jobs, it can reduce the economy's natural rate of unemployment. Government programs try to facilitate job search in various ways. One way is through government-run employment agencies, which give out information about job vacancies. Another way is through public training programs, which aim to ease the transition of workers from declining to growing industries and to help Critics of these programs question whether the government should get involved with the process of job search. They argue that it is better to let the private market match workers and jobs. In fact, most...

Geographically Distributed Organisational Structures Telecommuting


Job Search

One reason why economies always experience some unemployment is job search. Job search is the process of matching workers with appropriate jobs. If all workers and all jobs were the same, so that all workers were equally well suited for all jobs, job search would not be a problem. Laid-off workers would quickly find new jobs that were well suited for them. But, in fact, workers differ in their tastes and skills, jobs differ in their attributes, and information about job candidates and job job search

Job Market

Compare that job market to the prospective immigrant labor force. Of recent arrivals, only 63 have finished high school. . . . Yet immigrants also are 50 more likely than Americans to have a graduate degree. . . . 2. Making Predictions Will immigrants' skills be needed in the twenty-first century job market Explain your answer.

Employee Training and Development

Training should begin on day one of employment, with every employee given an orientation. Getting employees off to the right start is a very easy way to build a company that embraces learning and development. Most small companies do not have formal orientation programs, but rely on individuals finding their way when they first get hired. This seems to work fine in smaller organizations when there is more informal means of communication, but as organizations grow most have found that formal orientation programs are necessary to get employees up to speed and productive in a timely fashion.

Economics As A Career

Students who major in economics but who do not pursue graduate school still have many job opportunities. Because economics is a way of thinking, knowledge of it is a valuable decision-making tool that can be used in almost any job. Undergraduate majors in economics typically work in business, government service, banking, or insurance. Opportunities for people with undergraduate economics degrees to teach the subject at the high school level are also increasing. Arnold Schwarzenegger, Mick Jagger, and Ronald Reagan are among the long list of famous undergraduate economics majors

Wage Hike Would Cost Jobs

Raising the federal minimum wage by 1.50 an hour will reduce job opportunities for those who need it most, new entrants to the job market with the least skills or experience. Raising the minimum wage hurts all American consumers and workers, by artificially inflating the cost of entry-level jobs, which is passed on through higher prices and lower real wages.

Important Things to Remember

Full employment exists when there is no cyclical unemployment but normal amounts of frictional and structural unemployment thus, full employment exists at an unemployment rate greater than zero. This is referred to as the natural rate of unemployment. It may change when there is a change in the normal amount of frictional and structural unemployment. The cyclical unemployment rate can be negative when real GDP exceeds potential GDP and the economy is producing beyond its normal full-employment level. This negative cyclical unemployment rate indicates that the normal job search period for the frictionally and structurally unemployed is shortened because of an abnormally large number of job openings. Cyclical unemployment imposes costs upon both society and the person unemployed. Society's opportunity cost is the amount of output which is not produced and therefore is lost forever. The personal costs that occur during an economic downturn are unevenly distributed between different types...

Active Labor Market Spending

Active labor market spending refers to a range of policies that governments use to boost employment and reduce unemployment (see Table 7.4). One policy is to assist the unemployed's job search improving information flows about job availabilities, helping individuals with application forms and interview techniques, and offering retraining. Other active labor market policies subsidize the creation of jobs for the unemployed, offer loans to individuals who want to start their own businesses, subsidize firms that hire those who have been unemployed for a long time, and so on.

This is all very interesting but what does it have to do with your becoming a trader

After graduating college, I wanted to get a job as a stockbroker. I couldn't get hired. Nothing in my resume seemed to help not my grades, nor the fact that I played college basketball. Finally, I rewrote my resume, prominently mentioning that I had been Elsie's cowboy. Shortly thereafter, I received a call to interview at a local brokerage office in Canton, which ultimately led to a job offer. The woman who screened resumes for the firm later told me, I get hundreds of resumes. When I saw yours I said, 'Hey, this is the guy who took care of Elsie the Cow.' I had been in Canton when I did the tour, and she had remembered seeing the picture in the local newspaper. That's how I got into the business, because of a cow.

The Argument of National Prestige

In pre-war days, when immigration into the industrial countries of Europe and overseas was still free, the foremost reason for this policy in many European countries was the aim to make emigration superfluous. Conditions for industrial production were in every respect more favorable in Central and Western Europe than for instance in the Balkans. With a policy of laissez faire the excess population of these nations which could not find employment in agricultural production had to emigrate to Central and Western Europe and to the New World. When the governments of these Eastern nations encouraged industrial production by strict protectionism they wished to reduce emigration figures. They considered emigration as prejudicial to the greatness and to the political and military power of their State. They were afraid of the fact that the emigrants would in their new settlements in the course of the years lose their attachment to their old mother-country, its habits and language and its...

Pitfalls in Planning Veterans Housing after World War II

Businessmen are also utilized by the government agencies, presumably for their expert knowledge. Von Mises in a small volume entitled Bureaucracy (New Haven and London Yale University Press, 1944) p. 70 pointed out that even in nineteenth century Europe, it was necessary for corporation management to live on good terms with those in power. The reverse is also frequently true. Government officials often treat with special favor firms in which they plan to seek employment.

Fixed and Variable Costs

A sharp distinction between fixed and variable costs is not always possible nor realistic. For example, CEO and staff salaries may be largely fixed, but during severe business downturns, even CEOs take a pay cut. Similarly, salaries for line managers and supervisors are fixed only within certain output ranges. Below a lower limit, supervisors and managers get laid off. Above an upper limit, additional supervisors and managers get hired. The longer the duration of abnormal demand, the greater the likelihood that some fixed costs will actually vary. In recognition of this, such costs are sometimes referred to as semivariable.

Economic mans escape from malthuss population trap

Specialization in productive activities also became important during this period. This provided job opportunities away from home and it brought large numbers of laborers together in urban areas, many performing similar tasks. Where before, much labor was employed on the family farm or in artisan-like tasks in dispersed villages, it could now be employed in mills and factories where large numbers of persons were linked together in the performance or the similar kinds of work. Employment distant from the farm and village of one's birth loosened the hold parents had held over income earned by children and young adults. Specialization made it easier for laborers to unite in common cause.

Insiders and outsiders

If the interests of outsiders are being ignored in collective bargaining, this means that whether these people find employment or not is irrelevant. So the indifference curves of the trade union must have a kink at the current employment level. Here the indifference curves all turn horizontal, since employment gains beyond the current level accrue to outsiders and therefore do not yield utility to the union. Thus, additional employment of outsiders could not possibly compensate the trade union (members) for wage concessions.

See also red chip human capital i2

Critics of this approach have argued that calculations of the rate of return to human capital investments ignore social returns. Also it is difficult to separate human capital investment from personal consumption as all personal expenditure, including expenditure on health care, clothing and social life, has a possible effect on future earnings. However, there have been useful applications of the concept to the study of job search in labour markets, wage differentials and migration.

Summary And Implications

It can sometimes be difficult to distinguish income differences between the sexes caused by external barriers confronting women and differences caused by choices made by the women themselves. In addition to choices of educational specialties, occupations, and continuous or discontinuous employment, many married women have chosen to allow their husbands' best job opportunities to determine where the couple will live, with the wife then taking whatever her best option might be at that location, even if there would be better options for her somewhere else. Such wives' reduced occupational opportunities in such cases are in effect an investment in their husbands' enhanced occupational opportunities.

Arbitrage in labor and capital markets

Wages and job opportunities are better. This movement reduces wage differentials by reducing the supply of labor where wages are low and by increasing the number of people seeking work in high-wage areas. Transportation costs, preferences for remaining in one's home region, and lack of information about job availability mean that this arbitraging process is not perfect, for it does not produce a single wage across all parts of the United States. It does, however, limit the range of wage differentials, because low-wage states consistently lose working-age residents and higher-wage states gain them.

Additional issues raised by labor mobility

The arrival of large numbers of immigrants without significant amounts of financial or human capital in Europe or the United States will reduce the capital-to-labor ratio and the land-to-labor ratio, thereby decreasing wages and potential per capita GDP. In Europe, where wages have been less flexible, the fear has been that immigrants will contribute to a rising unemployment rate, and more people over whom to spread the same output. European nations particularly have worried about the large influx of immigrants seeking political asylum. The effects of emigration from labor-abundant countries such as Mexico or Morocco are, of course, exactly opposite when unskilled labor leaves. Potential GDP per capita increases with the reduced population and the increased capital-to-labor and land-to-labor ratios. This explains the unavoidable conflict between the government of the United States and the governments in Mexico City, Kingston, and San Salvador, or between EU capitals and Algiers or...

Marx the Antieconomist

Could Marxist socialism create the abundance and variety of goods and services, breakthrough technologies, new job opportunities, and leisure time of today Hardly. Marx was incredibly ingenuous in thinking that his brand of utopian socialism could achieve a rapid rise in the workers' living standards. He wrote in the 1840s, in communist society . . . nobody has one exclusive sphere of activity but each can become accomplished in any branch he wishes, . . . thus making it possible for me to do one thing today and another tomorrow, to hunt in the morning, fish in the afternoon, rear cattle in the evening, criticize after dinner, in accordance with my inclination, without becoming hunter, fisherman, shepherd or critic (Marx 2000, 185). This is sheer ivory-tower naivete, a characteristic of the early Marx. Marx's idealism would take us back to a primitive, if not barbaric, age of barter and tribal living, without the benefit of exchange and division of labor.

Previous studies on unemployment and selfemployment

Who have themselves set up in business. They will gain greater familiarity with the types of market that could be served by a new business which in the early years at least is almost inevitably going to be small. They are also likely to gain greater all-round experience in the running of a business. At the same time, it must be said that the evidence we have is consistent with some preselection by potential founders they may deliberately seek employment in small plants before setting up in order to gain relevant experience. Nevertheless, even if this is the case, the lower fertility of large plants implies that the depressed regions of the UK are likely to be at a relative disadvantage as far as new formations are concerned.

Some basic design problems

First, the spaghetti organization eliminated most hierarchical levels, leading to a problem of the allocation of managerial competence. Hierarchy could not be used anymore as a sorting mechanism for allocating skills so that those with more decisive knowledge would obtain authority over those with less decisive knowledge. Second, from an incentive perspective, the extremely flat spaghetti organization sacrificed an incentive instrument, since it abolished tournaments between managers. Third, the multi-job led to severe coordination problems, because project leaders had very little guarantee that they could actually carry a project to its end, given that anybody at the project could leave at will, if noticing a superior opportunity in the internal job market. Apparently, reputation mechanisms were not sufficient to cope with this problem. Fourth, contrary to the aim of making Oticon a knowledge-sharing environment, knowledge tended to be held back within projects, because of the...

Unemployment Insurance

While unemployment insurance reduces the hardship of unemployment, it also increases the amount of unemployment. The explanation is based on one of the Ten Principles of Economics in Chapter 1 People respond to incentives. Because unemployment benefits stop when a worker takes a new job, the unemployed devote less effort to job search and are more likely to turn down unattractive job offers. In addition, because unemployment insurance makes unemployment less onerous, workers are less likely to seek guarantees of job security when they negotiate with employers over the terms of employment. Many studies by labor economists have examined the incentive effects of unemployment insurance. One study examined an experiment run by the state of Illinois in 1985. When unemployed workers applied to collect unemployment insurance benefits, the state randomly selected some of them and offered each a 500 bonus if they found new jobs within 11 weeks. This group was then compared to a control group...

Catallactic Unemployment

Despite propaganda to the contrary, workers can and do remain unemployed when they perceive the advantages of available working opportunities to be lower than the leisure that could be enjoyed. On a pure, unhampered market, there will always be some workers who are seeking employment but are waiting for better options to present themselves. This voluntary condition is market-generated or catallactic unemployment. There are three types of motivations for such a decision

Employment And Unemployment Statistics

First, it is known that there is always some unemployment which may not be truly involuntary, because labor shifts from one place to another, young people enter the labor force, others more or less gradually slip from it because of age, ill health, emigration, death. These transitions take time for purely technological reasons, such as slow transmission and dissemination of knowledge, time needed to move to other places of employment etc. This is then the so-called factional unemployment which is at some level unrelated to the state of the economy. There is also possibly a great deal of hidden unemployment, e.g., when persons becoming unemployed in industry go back to farms for varying periods of time. There is a shift in occupations, for example when skilled workers are displaced by machines and now have to find employment at lesser skills. Numerous further complications arise making the very definition of unemployment uncertain. Consequently we shall not be surprised that reliable...

Working in the New Economy

Industries may also change the way they operate. During the 1990-1991 recession, a series of mergers and cost reductions trimmed the white-collar labor force in the banking and computer industries. This change was sudden and left millions of highly skilled people out of work. Many of these workers had to develop new skills before they could find employment in other industries.

Knut Wicksell and the Swedish school

His interest in economic issues concentrated for a long time on the population problem. Wicksell was a passionate neo-Malthusian, accompanying study of the subject with intense propaganda activity. His studies in economic theory were at first collateral to this interest, and were seriously tackled only when, in 1887, thirty-six-year-old Wicksell gained a scholarship abroad. He was thus able to study at the British Museum in London, and to attend lectures by Knapp and Brentano at Strasbourg, by Menger at Vienna (where he studied among other things Bohm-Bawerk's book) and by Wagner in Berlin. In 1889 he married a Norwegian law student, Anna Brugge. In 1890 he also began seeking employment with some Swedish university (Stockholm, Uppsala, Lund) as economics lecturer,

Labour Force Forza di Lavoro

Unemployment (Disoccupazione) Unemployment data are published both by the number of persons out of work and by the unemployment rate. The unemployment rate is obtained from the ratio between persons seeking employment and the total labor force as measured by the LFS. Unemployment includes persons aged 15 to 74 not employed in the reference week who were actively seeking employment in the four weeks preceding interview and were immediately available (within two weeks) to accept a position should one be forthcoming. The data are seasonally adjusted and not subject to revision. Figure 9.26 below shows the relative improvement in Italian unemployment.

The Clower Leijonhufvud version

As Clower carefully points out, this point does not matter in the timeless and instantaneous world of equilibrium. However, when one takes a more process-oriented perspective, and sees that decisions to buy and sell are not made simultaneously but in sequences, then the fact that realized sales constrain planned consumption poses some interesting problems. To take Clower's (1984a 19631 48) example, suppose we have a person who is unable to realize sales of his labor services, that is, someone who is involuntarily unemployed in Keynes' sense. The problem is that he cannot consume without first selling his labor services. If sellers knew of his desires to buy, they would be willing to hire him and if he could get hired, he would, in turn, consume. Clower asks how this sort of signal gets sent through the marketplace. His answer is that it happens in a variety of ways, from lowering our reservation wage, to drawing on savings, to reducing our consumption substantially. Clower concludes...

Pplications In Economics

A College Degree as a Job Market Signal Why You Should Take More Math 'Why should I take this difficult course When will I ever use this Students often complain about taking courses not directly related to their future career. This complaint often reflects an incomplete understanding of exactly why college graduates do better in the Job market than those without a college degree. A college degree increases a person's earnings because of both (l uman capital knowledge that will directly increase job productivity and (2) signaling signs to employers about a person's attitude and motivational characteristics, as well as his or hei general analytical skills. In other words, even if a college degree added nothi ng to the knowledge or skills required to do a particular Job, it could still help employers identify people with abilities that are difficult to observe. Similarly, students who are admitted to and graduate from elite universities like Harvard and Yale are likely to have superior...

Unemployment And Its Natural Rate

Consider how unemployment arises from the process of job search We then turn to the reasons why economies always experience some unemployment and the ways in which policymakers can help the unemployed. We discuss four explanations for the economy's natural rate of unemployment job search, minimum-wage laws, unions, and efficiency wages. As we will see, longrun unemployment does not arise from a single problem that has a single solution. Instead, it reflects a variety of related problems. As a result, there is no easy way for policymakers to reduce the economy's natural rate of unemployment and, at the same time, to alleviate the hardships experienced by the unemployed.

The Economics Of Employment Discrimination

How does employment discrimination affect the job opportunities available to women and minorities Do employers gain from discrimination Economics sheds light on both these questions. There are two outlets for labor market discrimination wage rates and employment restrictions. Exhibit 3 illustrates the impact of wage discrimination. When nonminority workers are preferred to minority workers (or male to female workers), the demand for the latter groups falls and the wages of these people decline.

Labour Market Example

How does statistical discrimination show itself in labour markets Employers with job openings want to hire the most productive workers available. They have their personnel department collect information concerning each job applicant, including age, education, and work experience. They may supplement that information with preemployment tests, which they feel are helpful indicators of potential job performance. But it is very expensive to collect detailed information about job applicants, and it is difficult to predict job performance based on limited data. Consequently, some employers looking for inexpensive information many consider the average characteristics of women and minorities in determining whom to hire. They are practising statistical discrimination when they do so. They are using gender, race, or ethnic background as a crude indicator of production-related attributes.

Two Sector Model of Labor Employment

Suppose the union chooses to increase the wage of its workers above the competitive wage w*, to h,. At that wage rate the number of workers hired in the unionized sector falls by an amount ALUj as shown on the horizontal axis. As these workers find employment in the nonunionized sector, the wage

Information as an external coordination signal

The employer and the employee may agree on a first type of employment contract called a 'sales contract'. The employer defines a precise task for the employee with a corresponding wage. Any modification in the task or even in its context corresponds to a new contract with a new wage. A sales contract has a market flavor, since it considers egalitarian agents and tries to define the wage of labor considered as a specific 'good'. The contract is generally incomplete because the task and its context cannot be defined in enough detail. In fact, a sales contract can be considered a basic institution which can be iterated and combined in order to form more complex institutions. For instance, a job market is sometimes considered as the superposing of bilateral sales contracts between employers and employees, coordinated by a common wage for a similar task. But such a mode of coordination involves high transaction costs.

Applications In Economics

Ers' personal cost of rebuilding their properties after a hurricane. But the lower personal costs also encourage people to build in hurricane-prone areas. As more of them do so, the overall cost of damage from hurricanes increases. The impact of unemployment insurance is much the same. The benefits paid to the unemployed will reduce the opportunity cost of continuing a job search while ui-employed. As a result, period longer and the rate of unemp have otherwise been the case.

The Concentration Of Art And Culture In Urban Centers

Tion from the perspective of an individual performer A novice interested in learning modern dance might come to New York City because that is where the concentration of teachers and job opportunities is greatest. A few years later that dancer might put together a new company and would base it in New York, because that is where the largest pool of first-rate dance talent can be found. As these cases illustrate, when economies of agglomeration operate the result can be stated very simply Activity attracts more activity.4

Evolution of the modelers model

The basic entities also evolve through the creation of new kinds and the extinction of old ones, giving rise to new taxonomies. New sorts of goods become available while old ones disappear. For instance, new labor qualifications are defined, traditional craftsmen being replaced by computer specialists. New types of agents enter the market while others exit. For instance, temporary employment agencies are appearing while traditional unions disappear. New kinds of institutions are created or result from the splitting or unification of old ones. For instance, new financial markets and new auction mechanisms are set up while old tax systems are reshaped. Finally, new forms of relations appear while old ones are abandoned. The web, for instance, has created a completely new system of relations on a worldwide scale.

The Consequences Of Monopoly Output Restriction

Where conditions do favor monopolistic output restriction, the consequences are not difficult to understand. The monopolized resource is employed, and the product produced, in smaller volume than under competition. Complementary factors of production that, in the absence of monopoly, would have been employed in the monopolized industries will seek employment elsewhere. In these other industries their productivity will be lower, and consequently the price that these complementary factors will bring will be correspondingly lower. On the other hand, the output volumes of other products will be increased somewhat due to the transfer of these other productive factors. The owner of the monopolized resource, even after market forces have eliminated all entrepreneurial profits, will still finish with a more desirable income than he would have been able to secure without exploiting his monopoly power. The owners of the other factors will be somewhat worse off, both as a result of the possibly...

What if anything should we do

But we are suffering only a minor recession. A number of other countries are suffering larger ones. Japan, Germany, and France are in considerable difficulties. In the case of Japan, although I am in a way a Far Eastern expert, I do not understand what is wrong. Both France and Germany are barred by their agreement with the European monetary system from undertaking Keynesian deficit finance on a significant scale. Further, both of them, Germany in particular, have arranged their welfare state in such a way that the unemployed have no great motive to seek employment. This does not lead to serious suffering, indeed the unemployed are quite well-off. Thus my general optimism about the present situation does not really apply to our economy, although the problem is minor from the perspective of someone like myself who lived through the Great Depression.

Evolution of the agents knowledge

In the employer-employee example, over the medium term, their information is modified by deliberate search. The employer looks for new workers prepared to work in the existing jobs for lower wages. The employee looks for jobs outside the firm for which he would be better paid. Each agent conducts his search in a neighborhood and may even limit his search to a sample of that neighborhood. In doing so, he faces relatively high search costs. Over the long term, informational or mediation devices may appear. For instance, employment agencies may be created to diffuseinformation about available jobs and so favor the adjustment of supply and demand.

The Austrian Theory A Summary Roger W Garrison

Mainstream theory distinguishes between broadly conceived structural unemployment (a mismatch of job openings and job applicants) and cyclical unemployment (a decrease in job openings). In the Austrian view, cyclical unemployment is, at least initially, a particular kind of structural unemployment the credit-induced restructuring of capital has created too many jobs in the early stages of production. A relatively high level of unemployment ushered in by the bust involves workers whose subsequent

Regulating Privatized Telecoms

Naturally, the capital investment policies of state-owned telecoms were also set by the government, and the aggregate amounts available for maintenance of existing assets and purchase of new equipment were almost always inadequate, for four reasons. First, as wholly state-owned enterprises the telecoms were by definition excluded from raising capital in public equity markets. Second, the amount the firms were allowed to raise in debt markets was usually constrained by the overall public-sector borrowing requirement (PSBR), and the government's own funding needs were always met first. Third, governments had every incentive to mandate low prices for telecom services, which meant that these services were often provided (to favored groups) below cost, thus reducing the telecom companies' profitability and minimizing the amount of cash flow available for reinvestment in the firm. Finally, state-owned telecoms were almost always starved of cash by their nature as de facto government...

Supply Factors And Features

At first sight, a rational choice utility-maximizing perspective on supply decisions might seem to imply that punishments such as fines and imprisonments would be an effective means of curbing the activity as per Becker's model of the economics of crime. However, there is good reason to suspect that this is not the case for the low-income sectors. Those who lack alternative job opportunities, and are in poverty, are most likely to go straight back to prostitution to attempt to pay their fines and to atone for the loss of income whilst detained. There may also be very weak deterrence even for those working above the street prostitution level. The deterrence prediction presupposes that the individual is at the margin of allocating time between the punished occupation and some other uses. If the prostitute is highly specialized then the only alternative is to take more 'leisure' when expected punishment rises. However this need not arise if the income effect of punishment outweighs the...

Managerial Application 163

When NAFTA went into effect on January 1, 1994, the United States and Canada already had a free trade agreement. NAFTA merely extended that agreement to include Mexico and permit duty-free and quota-free movement of goods across all of North America. Perhaps the most glaring irony of the NAFTA debate is that much of the job opportunity loss feared by Perot and other critics failed to materialize. When productivity differences are considered, Mexican labor is no cheaper than higher-priced but more efficient labor from the United States and Canada.

Labor Markets And The Internet Faster And Better Employeeemployer Matches8

The explosive growth of the Internet has changed how people search for jobs and firms hire workers. There are now more than 3,000 job search sites. Monster.com, the leading job-posting site, indicated in October 2004 that it had more than 800,000 job openings posted on its site and the r sum s of more than 25 million job seekers. Currently, the Internet is used in 15 percent of all job searches by unemployed workers. Half of job seekers with Internet access use it in their job search. Today, more people use the Internet to look for jobs than search methods such as contacting friends or relatives and using private employment agencies. Job-posting Web sites have several advantages over traditional newspaper help-wanted ads. They contain more job openings and are easier to search. Thejob openings can be more current because employers can post ads immediately as well as edit them after their initial posting. Online jobs sites also permit individuals to advertise their skills to potential...

The inadequacy of some earlier criticisms

.an increase in employment in road-making.will involve secondary employment in the industries that make wage-goods .The people set to work on road-making, or whatever it may be, have pro tanto, more money to spend they spend it, and so set to work more makers of the wage-goods that they buy these, by spending their money, set to work more makers of the wagegoods they buy and so on indefinitely. Indeed, according to this argument, it is only because some of the wage-earners' goods are bought from abroad that the setting of a single new man to work on road-making does not cause an infinite number of men to obtain employment in making wage-goods

The Short Run Tradeoff between Inflation and Unemployment

How an- these two measures of economic performance related to each other liarlier in the book, we discusscd the long-run determinants of unemployment and the long-run determinants of inflation. We saw that the natural rate of unemployment depends on various features of tin labor market, such as minimum-wage laws, the market power of unions, the role of efficiency wages, and the effectiveness of job search. By contrast, the inflation rate depends primarily on growth in the money supply, which a nation's central bank controls. In the long run. therefore, inflation and unemployment are largely unrelated problems.

The Shortrun Tradeoff Between Inflation And Unemployment

How are these two measures of economic performance related to each other Earlier in the book we discussed the long-run determinants of unemployment and the long-run determinants of inflation. We saw that the natural rate of unemployment depends on various features of the labor market, such as minimum-wage laws, the market power of unions, the role of efficiency wages, and the effectiveness of job search. By contrast, the inflation rate depends primarily on growth in

The Functions Of Money

(a) Producers use money rather than commodities to pay for the services of economic resources. Owners of economic resources are thereby free to seek employment that maximizes their money income rather than employment that provides payment in specific commodities. This promotes the efficient use of limited economic resources. The use of money also avoids the complexities and inefficiencies of barter the worker who receives money is free to decide which goods and services to buy, whereas the worker who receives a commodity as compensation must find other individuals to barter with to obtain desired goods and services. In addition, workers paid in money have the freedom to use their money balances to buy goods or services now or at some future date.

Competitive Strategy in Perfectly Competitive Markets

In other instances, above-normal returns in perfectly competitive industries reflect what is known as economic rents, or profits due to uniquely productive inputs. An exceptionally well-trained workforce, talented management, or superior land and raw materials can all lead to above-normal profits. In parts of the country where school systems provide outstanding primary and secondary education, firms are able to hire a basic workforce with a high rate of literacy and strong basic skills. Businesses that are able to employ such workers at a typical wage are able to earn superior profits when compared with the average rate of return for all competitors in the United States and Canada. Local tax subsidies designed to attract investment and job opportunities can also lower the cost of capital and create economic rents for affected firms. In many parts of the country, government initiatives often lead to economic rents for affected firms. On the other hand, if local taxes or government...

People In The News

He volunteered for a while at Habitat for Humanity. In October, he started helping out at the Stone Mountain nonprofit. It is good work, but it is not paid work. Even so, he is not counted as unemployed. . . . T he unemployment rate . . . does not include people who have abandoned the job search, for whatever reason. The Bureau of Labor Statistics defines the civilian labor force, more commonly called the labor force, as the sum of all persons age 16 and above who are either employed or actively seeking employment. This measure excludes members of the military. Since only people able to work are included in the labor force, those persons who are confined in jail or reside in mental health facilities are also excluded.

Activity patterns and trip chaining

As an example of what can be accomplished, Shiftan and Suhrbier (2002) utilize one of the best data sets for activity analysis-a 1994 household survey in Portland, Oregon-to analyze several policies classified as travel demand management. One result is illustrative. A policy to encourage telecommuting is predicted to reduce long-distance work trips to downtown Portland, just as one would expect. But the policy increases the number of short tours, as people make special-purpose trips for activities that previously were handled as part of a tour from home to work and back. This result is consistent with several studies of telecommuting, which have found only a very small net reduction in travel indeed many types of telecommunication appear to be complements to, rather than substitutes for, travel.59

The legacy of Bismarck

To insure you or quotes you a rate which takes into account some pre-existing condition. This, of course, increases the cost of the insurance and the fact that the state governments have enacted a number of minor laws prohibiting companies from raising insurance fees in consequence of some types of health effects means that private insurance is usually not a good bargain, particularly for young people in good health. Thus people tend to seek employment from companies that provide health insurance for all employees. Rather bizarrely they are not subject to the same problems because they purchase a health insurance program for a large collection of people and the insurance company actuarially assumes it is just like any other large group of people. Small companies with 10 or less employees are normally not given treatment similar to that of the large companies and hence health insurance is not a bargain for them either. The result of all this is that many people either do not have...

Wage rigidity inflation and suboptimal full employment

Hutt's concept of 'pseudo-idleness' covers him here too. For example, workers who are engaged in job searches are not considered unemployed to Hutt. They are 'self-employed' in the productive activity of 'prospecting' or searching. In a way that strongly anticipated modern search theory, Hutt (as early as 1939) argued that to the extent the probabilized return from search was greater than the cost of doing so, job-hunting should not be considered idleness. So we would expect that even in circumstances of optimal full employment, some laborers will not be employed in the conventional sense of the term, but they will not be idle, as they will be looking for new work. If they choose to not look for work, it is an example of 'preferred idleness' and to that extent it becomes optimal behavior for the worker in question. When employment becomes sub-optimal is when barriers to price coordination or subsidization of idleness enter the picture. Hutt sees two possible instances in which...

General Versus Specific Human Capital

There is a very good reason for distinguishing between general and specific human capital. Firms have limited incentive to invest in general human capital because they cannot be sure of capturing all the benefits. To see why, suppose that a firm like General Electric were to pay for its employees to get engineering degrees. That would require a tremendous expenditure on tuition payments, to say nothing of the cost of the lost output for GE while its employees were in school rather than working, or the cost of replacing them with other, perhaps temporary workers. But once the employees graduate, there is no law requiring them to use their new skills as General Electric employees. They might decide to test the job market and find that a rival firm is willing to pay them a higher wage than GE pays. This rival firm, after all, did not bear the cost of educating the GE employees and therefore is better positioned to pay higher wages than is General Electric.

Looking Ahead

The judging of achievement inevitably involves contrast and comparison. Over a period of twenty years this would be best done by interviewing a time-travelling economist displaced from 1966 to 1986. I came into econometrics just after the beginning of this period, so have some appreciation for what has occurred. But because I have seen the events gradually unfolding, the effects upon me are not as dramatic. Nevertheless, let me try to be a time-traveller and comment on the perceptions of a 1966'er landing in 1986. My first impression must be of the large number of people who have enough econometric and computer skills to formulate, estimate and simulate highly complex and non-linear models. Someone who could do the equivalent tasks in 1966 was well on the way to a Chair. My next impression would be of the widespread use and purchase of econometric services in the academic, government, and private sectors. Quantification is now the norm rather than the exception. A third impression,...

American option G1

America Works (I3) US private company founded in 1984. It seeks to get people off welfare into employment. This privatization of welfare to work programmes is based upon contracts between the company and a state or city. A bounty is paid to the company for each person placed in a job for at least seven months. Job search and interview skills are taught and the worker's performance is monitored for four months.

Rationing by Prices

When a large employer goes bankrupt in a small community, or simply moves away to another state or country, many of the business' former employees may decide to move away themselves-and when their numerous homes go on sale in the same small area at the same time, the prices of those houses are likely to be driven down by competition. But this does not mean that they are selling their homes for less than their real value. The value of living in this particular community has simply declined with the decline of job opportunities, and housing prices reflect that underlying fact. The new and lower prices reflect the new reality as well as the

The Great Moderation

Despite the need for more houses, food, equipment and every other type of product, before the war not all those available for work were able to find employment or to feel a sense of security in their future. On the average during the twenty years between 1919 and 1939 more than one-tenth of the men and women desiring work were unemployed. In the worst period of the depression well over 25 per cent were left in unproductive idleness. By contrast, during the war


The evidence presented is consistent with some preselection by potential founders they may deliberately seek employment in small plants before setting up in order to gain relevant experience. Conversely, the less entrepreneurially minded may tend to go for the larger plant which provides a more secure environment. Closures among bigger plants is also less common thus smaller plant employees are more likely to face actual or potential redundancy. This threat may make self-employment a more attractive proposition (Oxenfeldt 8 ). The results are also consistent with the findings of Mansfield for the US 7 and Gudgin for the East Midlands 5 on inter-industry differences in formation rates. Mansfield showed that his measure of barriers to entry - the capital investment required to establish a firm of minimum efficient size - had a significant negative effect on entry rates. Gudgin found that variations in the percentage of employment in small plants had a significant positive effect on...

Total unemployment

This indicates people whose skills and locations do not match job opportunities, usually because they were trained for industries which are collapsing under competition from modern technology and or imports. Structural job losses can best be reduced through retraining and improving labour mobility.

Discount rate D0 E4

Discouraged workers hypothesis (J2, J6) The view that workers give up job search activity because high unemployment rates and a lack of hiring by businesses make it unlikely that they will succeed in gaining employment. Lack of search loses them the status of being unemployed and so they drop out of the labour force.

LOS 15a

A minimum wage above the equilibrium wage results in an excess supplv of labor, as more workers are willing to work at that wage than emplovers demand. Inefficiencies result because employers substitute away from labor as an input, workers spend extra time in job search activities, and less than the efficient amount of labor is used so that overall output declines.

Production Theory

Thereby postpone the onset of diminishing returns to the employment of capital. (This may change the demand for labour - creating jobs for some, creating unemployment for others. Information technology has completely transformed employment in banks and financial services, for example. Far fewer office clerks and secretaries are now employed per unit of capital in such workplaces whereas higher skilled job opportunities have mushroomed.)

Income Distribution

1 Sometimes a living wage is defined as a wage that will support a family of four- which is to say that one person is to make a decision (to have a family) and another is to pay the price of that decision by paying whatever it takes to support that family. on-the-job-training-all of which allows them to do a given job more efficiently or to. take on more complicated jobs that would be overwhelming for a beginner or for someone with limited experience or training. With the passing years, older individuals may also become more knowledgeable about job opportunities, while increasing numbers of other people become more aware of them and their individual abilities, leading to offers of new jobs or promotions. These and other common sense reasons for income differences among individuals are often lost sight of in abstract discussions of the ambiguous term income distribution. Although people in the top income brackets and the Similar principles apply in job markets. An employer who refuses...

Job Security

Even in the absence of formal laws and policies on job security, there are many efforts to preserve jobs threatened by technological change, foreign imports or other sources of cheaper or better products. Virtually all these efforts likewise ignore the danger that greater security for some given set of workers can come at the expense of lessened job opportunities for other workers, as well as needlessly high prices for consumers.

Homework J2

Working as a subcontractor at home doing labour-intensive work, e.g. addressing envelopes or tailoring. This type of labour has often been cited as most subject to exploitation. Both trade unions and wages councils have found it difficult to protect workers. As computers have made it possible to do sophisticated work at home, the wage levels of these workers might rise.

Peter Johnson

This paper examines the movement into self-employment of people who are either unemployed or likely to become so as a result of redundancy. 'Self-employment' is used here in a broad non-technical sense, and covers all situations where people have set up in business on their own account. The businesses so formed may take different organisational forms - sole proprietorships, companies or partnerships - and cover very different types of activity, from window cleaning to manufacturing. Our justification for providing a survey of the work that has been undertaken in this field is two-fold. First, we have so far been unable to trace any study that has focused specifically on this issue although, as we shall see, a number of studies have made passing reference to it. On the theoretical level the establishment of a new business by an unemployed person or indeed someone still in paid employment has not (as far as we can see) received explicit recognition as a possible option in the job search...

Jcurve F3

UK advice centre provided by the government to assist in job search by providing information on vacancies. originally they were intended to separate the two principal functions of the former employment exchanges the payment of unemployment benefit and the placement of the unemployed with employers notifying vacancies. it was hoped that an improved public employment service would make it more attractive to employers and would reduce the amount of frictional unemployment in the economy. Re-merger of them with benefit offices occurred in 1987.

Job security J2

Job seeker's allowance (J6) A welfare payment to an unemployed person. it can be related to income and savings, or to accumulated contributions. This was introduced in the UK in October 1996 in succession to unemployment benefit and income support. it is so called because the qualification for being an unemployed member of the labour force, rather than a non-participant, is job search activity.

Labour force J2

All the persons of a country who are employed for a minimum number of hours per week, e.g. twelve, or are self-employed or are unemployed. The most difficult problems of labour force measurement arise from counting the unemployed and those engaged in economic activity within households. Some countries, including the USA, use job search as an indicator of an unemployed person's attachment to the labour force. The size of a national labour force will be determined by permanent international immigration and a combina labour market policy (J6) Attempts to improve the clearing of labour markets. central to the policy is the role of governmental agencies in reducing the search costs of employers and workers by providing free information. Many countries, e.g. Sweden and the UK, offer the services of employment agencies freely. However, the roles of private agencies and

Employment Levels

Are not working during some months, but they are not looking for a job during that period. People involved in the tourism industry or seasonal farmworkers are good examples of this. Structural unemployment results when people are not working because there is no demand for their particular skill set. An example might be someone who graduates with a Ph.D. in medieval economics. There is a relatively low demand for people with this skill set, so structural unemployment results for many in that field. People who fall into this category, however, may be training for a new job and developing new skills while they look for work. Cyclical unemployment results when there is an economic slowdown and people are looking for work but there aren't enough jobs. This was the case for many MBAs who graduated in 2001 and 2002. The economic recession resulted in fewer jobs, and even highly skilled graduates with advanced degrees had difficulty finding work.

Measuring Monopoly

But if monopoly were pervasive, there would be less reason to respect the pattern of output the economy produced. On the contrary, the pattern would be demonstrably wrong, and a case could be made to change it, perhaps even by using the coercive power of the state. It is said that if people buy General Motors cars because they have no alternative or if they work at a certain job because trade union rules have mandated it or if they invest in chemical and insurance companies because the owners are politically powerful, then interventions to restore competition in the car market or the job market or the investment market are not only acceptable but desirable. One's convictions about the prevalence of monopoly, in short, can affect one's politics.2 And in any case they can affect one's economics.

Search this book

Telnet is one piece of the enabling environment that makes the prospect of telecommuting over the Internet possible because users can be anywhere and still access their office computers. Similarly, you no longer need to go to a library to use its online catalog. Customers can remotely log in to the library Telnet system and browse and search for information, because most bulletin board systems are running on Telnet. In situations where an information service provider is centrally located with users scattered, as in many government services, Telnet is an efficient and cost-effective means to provide information. It is primarily used to access public information resources such as library catalogs, public bulletin board systems, and information kiosks where user inputs such as choices of menu or form submission are necessary. The World Wide Web can also process user inputs through script-based programs, but Telnet is more suitable for a remote working session.

Consumer Search

Search and negotiation process is common in the labor market, where visiting the next store has much more significant implications than in commodity transactions. For an empirical study on job search and unemployment, see Kiefer, N. and G. Neumann, 1979, An Empirical Job Search Model with a Test of the Constant Reservation Wage Hypothesis. Journal of Political Economy, 87 69_82. For a survey of labor search theory, see Mortensen, D., 1984, Job Search and Labor Market Analysis, in Handbook of Labour Economics, R. Layard and O. Ashenfelter, eds. Amsterdam North-Holland.

Mixed good D0

Later, the cost of information and job search were emphasized as barriers to movement. The measurement of labour mobility depends greatly on the classification of areas, industries and occupations used the broader the classification, the lower the amount of mobility. The right of labour to move freely within the EUROPEAN community is granted by Article 48 of the treaty of Rome and enforced by Article 49 the Council of Ministers by Regulation 1612 in 1968 gave effect to this principle.

When Bubbles Burst

The real story is this Officially the recession was short, but the job market kept deteriorating long after the recession had officially been declared over. You can see this in the figure on p. 143 the unemployment rate rose steeply during the recession (the shaded bar) but continued to rise in the months that followed. The period of deteriorating employment actually lasted two and a half years, not eight months. You might ask why, in this case, the recession was declared over so soon. Well, in the United States the official starting and ending dates of recessions are determined by an independent committee of economists associated with the National Bureau of Economic Research. The committee looks at a variety of indicators employment, industrial production, consumer spending, GDP. If all these indicators are going down, a recession is declared. If several of them turn up again, the recession is declared over. By late 2001, industrial production and GDP were rising, though slowly, so...

Search cost D0 J0

Lippman, S. and McCall, J.J. (1976) 'The economics of job search a survey', Economic Inquiry 14 115-89 , 347-68. Pissarides, C.A. (1976) Labour Market Adjustment, Cambridge Cambridge University Press. Stigler, G.J. (1962) 'Information in the labor market', Journal of Political Economy 70 (October Supplement) 94 -105.

Selection bias C1

Self-employment (J2) Being engaged in work for pay or profit and not under the direction of another. The self-employed are part of the labour force and are present in every sector. The peasant farmer, the professional lawyer, the actor and the small shopkeeper are leading cases of self-employment. inability to gain employment may force a person to attempt to gain an income through self-employment. often self-employed businesses are undercapitalized because of the poor availability and higher cost of small-scale finance. self-employment produces a hybrid income of wages and profits. An estimate of residual profits can be extracted from total income by applying a market wage rate to the number of hours worked an estimate of wages, by applying the market rate of interest to the amount of capital employed to see how much of total income remains.

Wage Differentials

(d) An imperfect labor market is one in which there is some lack of information on job opportunities and wages in which some workers are unwilling to move to other areas and jobs in order to take advantage of higher wages and in which union power, minimum-wage laws, and monopsony power exist. Any of these circumstances causes some differences in wages for jobs which are exactly alike and require equal capacities and skills.

Trade D0 F1 G1

Trade Act 1974 (F1) us federal statute regulating the foreign trade of the usA. under an escape clause, industries can apply for tariffs and other trade restrictions to be erected in their favour if it can be proved that the industry concerned has suffered from foreign competition as seen in a fall in employment, output or profits. under the Act, workers unemployed or threatened with unemployment as a consequence of imports can be given income support, relocation allowances, job search allowances and training.

Whistleblower M1

US schemes of community work qualifying the unemployed for social security benefits. The idea was first used by the Roosevelt Administration in the 1930s. The US Federal Act of 1981, the Omnibus Budget Reconciliation Act, forced all recipients of federal or state aid to register for work or job training and gave the states the powers to require such persons to participate in work incentive, job search or work experience programmes. These schemes have been criticized for creating slave labour, for displacing existing workers, for adding to administrative costs and for reducing the chance of the unemployed seeking good jobs. The most enthusiastic implementation of the scheme has been in West Virginia. Other countries, e.g. Sweden, have versions of such schemes to keep down the level of unemployment.

Whiz Kids

South Korean Economic Development

In the more popular computer-science programs, nearly 80 leave for Silicon Valley. . . . While IIT does offer graduate programs, students know that an advanced degree from a U.S. institution is the entry ticket to an American or global corporation and big bucks. job opportunities in 1998. In the more popular computer-science programs, nearly 80 leave for Silicon Valley. . . . While IIT does offer graduate programs, students know that an advanced degree from a U.S. institution is the entry ticket to an American or global corporation and big bucks.

Unemployment J6

Unemployment statistics (J6) Data on the total numbers within a country's labour force without a job but seeking employment. It is customary to subdivide this information by sex, age, industry, occupation and duration of unemployment. European unemployment unemployment trap (J6) The barrier to employment caused by unemployment benefits. If these benefits are greater than the wages of low-paid workers, job search and accepting jobs are often discouraged. The extent of this trap is measured by the ratio of benefits to income, the replacement ratio.

Getting the Perfect Job

Getting the Perfect Job

In order to get the perfect job you have to first pass the interview process and get to the hiring manager. That means you have to know how to conduct yourself at the interview in order to even pass the first stage.

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