This course assesses the role of labor as a production factor in the economy, as well as the factors affecting the supply of, and demand for, labor. Topics include: determinants of labor supply and demand; analysis of labor markets; theories of wages and employment; income and wage inequality among occupations, industries and regions; the role of labor unions and collective bargaining as they affect supply and demand conditions; and the relationships among wages, inflation, unemployment and government policies.
- Develop a deeper understanding of the role labor markets play in our economy, and current labor policy issues being discussed and debated.
- Analyze the effects of public policy on the labor market.
- Develop a framework for understanding how wages are determined and apply this framework to novel situations.
- Use the framework's economic concepts to evaluate the effects of exogenous changes on wages, including public policy changes.
Minnesota Transfer Curriculum
- Employ the methods and data that historians and social and behavioral scientists use to investigate the human condition.
- Examine social institutions and processes across a range of historical periods and cultures.
- Use and critique alternative explanatory systems or theories.
- Develop and communicate alternative explanations or solutions for contemporary social issues.