ABOUT THE COURSE: Labour Economics is a field of study that examines the behavior of individuals, firms, and markets in relation to the employment and compensation of labour. This course delves into the analysis of workforce trends, wage determination, labor market policies, and the impact of government interventions on employment. Students will explore theoretical frameworks and empirical methods to understand the dynamics of labour markets, addressing issues such as unemployment, discrimination, and the role of human capital in shaping economic outcomes.INTENDED AUDIENCE: UG & PGINDUSTRY SUPPORT: Both Public Sector and Private Sector Industries
Overview
Syllabus
Week 1: Evolution and Growth of Labour Economics: The actors in the Labour Market; Need of Labour Market Theories, Dynamics of Labour Market.
Labour Supply: Neoclassical Model of Labour Supply; Household Production Model of Labour Supply; Hours of Work Decision. Policy Application: Welfare Programs and Work Incentives
Week 2:Labour Demand: Neoclassical Model of Labour Demand: Employment Decision in Short-run and Long-run, Elasticity of Demand for Labour and its Applications. Policy Application: Affirmative Action and Production Costs
Week 3:Labour Market Equilibrium (Competitive market): Equilibrium in a single Competitive Market, Competitive Equilibrium across Labour Markets; The Cobweb Model. Policy Application: Payroll Taxes and Subsidies
Week 4:Labour Market Equilibrium (Non-competitive market): Outcomes of Non-competitive Labour Markets: Monopsony, and Monopoly.
Week 5:Human Capital and Labour Market: Education in the Labour Market: The Schooling Model, Education and Earning, Estimating the Rate of Return to Schooling.
Week 6:The Wage Structure and Wage Differentials: Wage Structure; Compensating Wage Differential and Job Amenities, Policy Application: Health Insurance and the Labour Market
Labor Mobility: International and Domestic Worker Mobility, Decision to Immigrate; changes in income levels and migration costs, Job Turnover Job Turnover and the Age-Earnings Profile, Policy Applications on Worker Mobility
Week 7:Labour Market Discrimination: Race and Gender in the Labour Market, Employer Discrimination, Employee Discrimination, Policy Application: Determinants of the Female-Male Wage Ratio Unemployment: Types of Unemployment, The Steady-State Rate of Unemployment, Job Search, Policy Application: Unemployment Compensation, The Phillips Curve
Week 8:Labour Market Dynamics in India: Employment,Unemployment and Labour Force Dynamics, Structural Changes in the Economy and Employment, Wage Patterns and Inequality, Increasing Informalization of Employment: Challenge of Social Security, Employment Strategies, Policies and Programmes
Labour Supply: Neoclassical Model of Labour Supply; Household Production Model of Labour Supply; Hours of Work Decision. Policy Application: Welfare Programs and Work Incentives
Week 2:Labour Demand: Neoclassical Model of Labour Demand: Employment Decision in Short-run and Long-run, Elasticity of Demand for Labour and its Applications. Policy Application: Affirmative Action and Production Costs
Week 3:Labour Market Equilibrium (Competitive market): Equilibrium in a single Competitive Market, Competitive Equilibrium across Labour Markets; The Cobweb Model. Policy Application: Payroll Taxes and Subsidies
Week 4:Labour Market Equilibrium (Non-competitive market): Outcomes of Non-competitive Labour Markets: Monopsony, and Monopoly.
Week 5:Human Capital and Labour Market: Education in the Labour Market: The Schooling Model, Education and Earning, Estimating the Rate of Return to Schooling.
Week 6:The Wage Structure and Wage Differentials: Wage Structure; Compensating Wage Differential and Job Amenities, Policy Application: Health Insurance and the Labour Market
Labor Mobility: International and Domestic Worker Mobility, Decision to Immigrate; changes in income levels and migration costs, Job Turnover Job Turnover and the Age-Earnings Profile, Policy Applications on Worker Mobility
Week 7:Labour Market Discrimination: Race and Gender in the Labour Market, Employer Discrimination, Employee Discrimination, Policy Application: Determinants of the Female-Male Wage Ratio Unemployment: Types of Unemployment, The Steady-State Rate of Unemployment, Job Search, Policy Application: Unemployment Compensation, The Phillips Curve
Week 8:Labour Market Dynamics in India: Employment,Unemployment and Labour Force Dynamics, Structural Changes in the Economy and Employment, Wage Patterns and Inequality, Increasing Informalization of Employment: Challenge of Social Security, Employment Strategies, Policies and Programmes
Taught by
Prof. Falguni Pattanaik
