The Labor Market

Workers are more than abstract factors of production, Our economy designed to provide people with good jobs with high wages so that an buy the things they need and want. Laborers need to eat, bill ult-v also feelings. so we naturally worry about both the and the quality of jobs. The distribution of income and within different labor groups, has a continual source of social strife and political ferment. witnessed pitched battles between labor and capital over wages, working conditions, and the tight to organize: today; women and minorities struggle for good jobs and pay equity.

This chapter explores how wages are set in a market economy. Section A reviews the supply of labor and the determination of wages under competitive conditions. This is followed by a survey of labor unions, one means by which workers can collectively control their labor supply. We close with a review of the thorny problem of discriminant in labor markets.

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