Modern Labor Economics: Theory and Public PolicyProviding a full survey of labour economics, including current and classic research, this new edition develops the theory of labour market behaviour, summarizes empirical evidence that supports or contradicts each hypothesis, and illustrates the usefulness of various theories for public policy. |
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Page 304
... 9.3 Valuing a Human Asset : The Case of 304 · CHAPTER 9 Investments in Human Capital : Education and Training Is Education a Good Investment? Is Education a Good Investment for Individuals? 305 / Education a Good Social Investment?
... 9.3 Valuing a Human Asset : The Case of 304 · CHAPTER 9 Investments in Human Capital : Education and Training Is Education a Good Investment? Is Education a Good Investment for Individuals? 305 / Education a Good Social Investment?
Page 306
... investments earn a normal rate of return , they do not change the wealth of those who invest ; post - investment returns , in other words , just make up for the costs of investment . Human capital investments , however , do raise wages ...
... investments earn a normal rate of return , they do not change the wealth of those who invest ; post - investment returns , in other words , just make up for the costs of investment . Human capital investments , however , do raise wages ...
Page 310
... Investment In addition to asking whether schooling is a good social investment , we could also ask , What is the socially optimal level of schooling ? The general prin- ciple guiding our answer to this question is that so- ciety should ...
... Investment In addition to asking whether schooling is a good social investment , we could also ask , What is the socially optimal level of schooling ? The general prin- ciple guiding our answer to this question is that so- ciety should ...
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Common terms and phrases
analysis assume average behavior budget constraint Chapter compensation constant decisions decline demand for labor discussed earnings elasticity of demand employ employers employment level equal equation estimated example factors factors of production Figure firm firm's hiring hourly wage household production immigrants incentives income effect indifference curve industry inputs investment isoquant Journal labor demand curve Labor Economics labor force participation labor market labor supply less marginal cost marginal product marginal revenue product ment minimum wage negative income tax normative economics Number of Workers overtime paid percent period predictions present value product of labor profits programs quit rates real wage reduce relative retirement scale effect sector shift skilled slope Social Security subsidies substitution effect supply curve Suppose tax credit tend theory tion transactions units of clothing units of food unskilled W₁ wage changes wage increase wage rate welfare women