Economics: Labor Economics

The economics of work, including wage determination, unemployment, productivity, discrimination, unions, and policy issues. Prerequisites: ECON 1400, ECON 1450.

Prereqs enforced by the system: ECON 1400 and 1450. PACE students with permission and override.

Course Description This course provides an in-depth exploration of labor economics, focusing on how labor markets function and the key factors that drive employment, wages, and income distribution. Students will learn about the dynamics of labor supply and demand, the role of government policies, and the impact of economic forces on workers and firms. The course emphasizes both theoretical frameworks and empirical evidence, encouraging students to understand not just the mechanics but also the broader narrative of how labor markets operate. Through a combination of lectures, discussions, exercises and data analysis, students will gain insights into current labor market issues, such as wage disparities, unemployment, and the effects of labor market regulations.

Course Outcomes/Objectives By the end of this course, students will be able to: • Explain the basic concepts of labor supply, labor demand, and market equilibrium. • Analyze how different factors such as education, experience, and economic conditions influence individual and aggregate labor market outcomes. • Evaluate the impact of government policies such as minimum wage laws, welfare programs, and labor regulations on employment and income distribution. • Assess the implications of labor market conditions during economic crises, using examples from events like the Great Recession and the COVID-19 pandemic. • Discuss the role of labor unions, discrimination, and other institutional factors in shaping labor market outcomes. • Formulate evidence-based arguments regarding proposed changes to labor policies, considering both theoretical and empirical perspectives. • Participate in discussions, offering insights and questions that demonstrate an understanding of labor economics.

Assessments The course grade will be based on the following components.: Exam 1 20% Exam 2 20% Exam 3 (comprehensive) 25% BRIGHTSPACE assignments 25% Class Exercise and Attendance 10% Total 100% Exam 1, 2, and 3: These exams will assess your understanding and retention of the material. You can expect the exam format to include multiple-choice and true-false questions, along with an essay-style analytical section. Exams 1 and 2 will be based on two separate sets of chapters, while Exam 3 will cover all the chapters studied throughout the semester. Brightspace: MCQ and T/F style quizzes will be completed on Brightspace. Class Exercise and Attendance: Class exercises and attendance are essential components of this course. During each class period, students will either be given a simple exercise to complete, or attendance will be taken. Late arrival, early departure, non-submission of exercises, or absence will result in a loss of points. Active participation and punctuality are crucial for success in this course. On some days, you will be allowed to use textbooks and/or internet sources, while on other days, no sources will be permitted for class exercises. It is important to listen carefully to the instructor to understand what resources are allowed or not allowed on a given day. Final Grades Final grades will be assigned according to the following scale. Please note that your performance in each component will be combined to calculate your total percentage, which will determine your grade: A: 90% – 100% Outstanding performance, showing a comprehensive understanding of the material and an exceptional ability to critically analyze and apply concepts. A-: 85% – 90% Very strong performance, with a solid command of the subject matter and only minor areas needing refinement. B+: 80% – 85% Good performance, indicating a strong grasp of most concepts, though some areas may need further attention B: 75% – 80% Competent performance, reflecting an adequate understanding of the course material, but with noticeable areas for improvement. B-: 70% – 75% Moderate performance, with significant gaps in understanding or application of the material. C: 65% – 70% Marginally acceptable performance. While a passing grade, it indicates the need for substantial improvement in both comprehension and application of key concepts. F: 0% – 65% Insufficient performance. This grade reflects a failure to grasp or engage with the course material.