Labor Economics

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“This book is an impressive achievement. It offers a uniquely comprehensive, technically in-depth, and up-to-date treatment of modern labor economics suitable for graduate teaching.” David H. Autor Department of Economics, MIT “An encyclopedic, integrated, and thoroughly modern presentation of labor economics, from supply and demand decisions to unemployment to the role and effects of institutions. Topics with which I am familiar have been given a clear, concise, precise, balanced, and convincing treatment. This is an outstanding textbook.” Olivier Blanchard Department of Economics, MIT This landmark graduate-level text combines depth and breadth of coverage with recent, cutting-edge work in all the major areas of modern labor economics. Because of its command of the literature and the freshness of the material included, it will also prove to be a valuable resource for practicing labor economists. The book moves back and forth between factual data and theoretical reasoning. The space devoted to theory reflects the profound theoretical restructuring in the field that has taken place in the last thirty years; the authors present these developments within a unified pedagogic framework. The teaching methods are based on mathematical models, with the mathematical analyses laid out clearly, and the derivation of most results given in five mathematical appendixes that provide a toolkit for understanding the models. Table of Contents Introduction. Acknowledgments. Part One: Supply and Demand Behaviors Labor Supply. Education and Human Capital. Job Search. Labor Demand. Part Two: Wage Formation Compensating Wage Differentials and Discrimination. Contracts, Risk-Sharing, and Incentive. Collective Bargaining. Part Three: Unemployment and Inequality Unemployment and Inflation. Job Reallocation and Unemployment. Technological Progress, Globalization, and Inequalities. Part Four: Institutions and Economic Policy Labor Market Policies. Institutions and Labor Market Performance. Mathematical Appendices A: Static Optimization. B: Dynamic Optimization. C: Basic Notions Concerning Random Variables. D: The Poisson Process and the Value of an Asset. E: Systems of Linear Difference Equations. Notes. Name Index. Subject Index.