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Chapter Nine:
Markets for Labor
Labor in the Traditional Neoclassical Model
Figure 9.1: Upward-Sloping Labor Supply Curve
Figure 9.2: Backward-Bending Individual Labor Supply Curve
Figure 9.3: Median Weekly Earnings of U.S. Workers, by Educational Attainment, 2012
Source: U.S. Bureau of Labor Statistics, “Employment Projections,” www.bls.gov/emp/ep_chart_001.htm, May 22, 2013
Labor Supply and Demand at the Market Level
Figure 9.4: The Market for Website Designers
Changes in Jobs and in the Labor Market
Figure 9.5: Average Annual Hours Worked, Select OECD Countries, 2012
Source: OECD Employment Outlook 2013, Statistical Annex, Table K.
Alternative Explanations for Variations in Wages
Figure 9.6: Union Membership in the U.S., 1940-2012
Source: U.S. Bureau of Labor Statistics, Union Membership Data from the National Directory Series and Union AffiliationData from the Current Population Survey.
Figure 9.7: Median Weekly Earnings, Select Groups of U.S. Workers Age 25-54, 2013
Source: U.S. Bureau of Labor Statistics, “Usual Weekly Earnings of Wage and Salary Workers,” Economic News Release, July 18, 2013.
Wages and Economic Power
Figure 9.8: Real Median Weekly Wages Versus Real Corporate Profits, United States, 1980-2012
Sources: U.S. Bureau of Economic Analysis, National Income and Product Accounts Tables; U.S. Bureau of Labor Statistics, Weekly and Hourly Earnings Data from the Current Population Survey.
Appendix: A Formal Model of a Firm’s Hiring Decision
Figure 9.9: Marginal Revenue Product of Labor and Marginal Factor Cost of Labor