【導(dǎo)讀】Characteristics. Capital(K)andLabor(L). Kisfixed(shortrunanalysis)andLis. MustmeasuretheMRPL. Inapetitivemarket,MR=P. Thismeans,forapetitivemarket. ))((PMPMRPLL?IfMRPL<w:hirelesslabor

　　

【正文】 uld cause too much of a distinction between winners and losers ? Looking back at graph, an alternative objective is to maximize aggregate wages that all union members receive ?This gives L2 and w2 169。2020 Pearson Education, Inc. Chapter 14 76 Unionized and NonUnionized Workers ?When union uses monopoly power, some workers are not hired. Those workers either try to find nonunion jobs or choose initially not to join union. ?Assume the total supply of workers is fixed – supply is SL ?Demand for unionized labor is DU and demand for nonunionized labor is DNU ?Total market demand is DU + DNU = DL 169。2020 Pearson Education, Inc. Chapter 14 77 Unionized and NonUnionized Workers ? What if union chooses to raise wage above petitive wage w*, to wU ? ? Number of workers hired by the union falls by amount ?LU ? As these workers find employment in nonunion sector, wage rate in that sector adjusts until labor market is in equilibrium ? At new wage rate, wNU, additional numbers hired in sector is ?LNU ?Equals number of workers who left unionized sector 169。2020 Pearson Education, Inc. 78 Wage Discrimination in Labor Market Number of Workers Wage per worker DU DNU DL SL w* wU When a monopolistic union raises the wage rate in the unionized sector of the economy from w* to wU, employment in that sector falls. For the total supply of labor to remain unchanged, the wage in the nonunionized sector must fall from w* to wNU wNU UL? MUL?169。2020 Pearson Education, Inc. Chapter 14 79 The Decline of Private Sector Unionism ?Observations ?Union membership and monopoly power has been declining ?Initially, during the 1970’s, union wages relative to nonunion wages fell 169。2020 Pearson Education, Inc. Chapter 14 80 The Decline of Private Sector Unionism ?Observations ?In the 1980’s, union wages stabilized relative to nonunion wages ?Since the 1990’s, membership has been falling and wage differential has remained stable 169。2020 Pearson Education, Inc. Chapter 14 81 The Decline of Private Sector Unionism ?Explanation ?The unions have been attempting to maximize the individual wage rate instead of total wages paid ?The demand for unionized employees has probably bee increasingly elastic as firms find it easier to substitute capital for skilled labor 169。2020 Pearson Education, Inc. Chapter 14 82 Wage Inequality – Have Computers Changed the Labor Market? ?19501980 ?Relative wage of college graduates to high school graduates hardly changed ?19801995 ?The relative wage grew rapidly 169。2020 Pearson Education, Inc. Chapter 14 83 Wage Inequality – Have Computers Changed the Labor Market? ?In 1984, % of all workers used puters ?1993 – % ?2020 – % ?For managers and professionals, it was over 80% 169。2020 Pearson Education, Inc. Chapter 14 84 Wage Inequality – Have Computers Changed the Labor Market? ?Percent change in use of puters ?College degrees ? 19841993: from 42% to 82% ?Less than high school degree ? 11%: from 5% to 16% ?With high school degree ? 21%: from 19% to 40% 169。2020 Pearson Education, Inc. Chapter 14 85 Wage Inequality – Have Computers Changed the Labor Market? ?Growth in wages – 1983 to 1993 ?College graduates using puters – 11% ?Nonputer users – less than 4% ?Statistical analysis shows that, overall, the spread of puter technology is responsible for nearly half the increase in relative wages during this period 169。2020 Pearson Education, Inc. Chapter 14 86 Wage Inequality – Have Computers Changed the Labor Market? ?Is this increase in the relative wages of skilled workers bad? ?Although growing inequality can disadvantage lowwage workers, it can also motivate workers ? Opportunities for upward mobility through highwage jobs have never been better 169。2020 Pearson Education, Inc. Chapter 14 87 Wage Inequality – Have Computers Changed the Labor Market? ?Should you plete a college degree? ?In 2020, college graduates age 25 and over earned nearly $400 more per week than those with only a high school diploma ?This is a real wage increase for college grads and a real wage decrease for high school dropouts pared to 1979 ?Unemployment rate among college grads is four times less than for high school drop outs Chapter 15 Investment, Time and Capital Markets 169。2020 Pearson Education, Inc. Chapter 14 89 Topics to be Discussed ?Stocks Versus Flows ?Present Discounted Value ?The Value of a Bond ?The Net Present Value Criterion for Capital Investment Decisions ?Adjustments for Risk 169。2020 Pearson Education, Inc. Chapter 14 90 Topics to be Discussed ?Investment Decisions by Consumers ?Investments in Human Capital ?Intertemporal Production Decisions – Depletable Resources ?How Are Interest Rates Determined? 169。2020 Pearson Education, Inc. Chapter 14 91 Introduction ?Markets for factors and output give a reasonably plete picture ?Capital markets are different ?Capital is durable ?It is an input that will contribute to output over a long period of time ?Must pare the future value to current expenditures 169。2020 Pearson Education, Inc. Chapter 14 92 Stocks Versus Flows ?Stock ?Capital is a stock measurement ? The amount of plant and equipment a pany owns at a point in time ?Flow ?Variable inputs and outputs are flow measurements ? An amount needed or used per time period 169。2020 Pearson Education, Inc. Chapter 14 93 Stocks Versus Flows ?Profit is also a flow number ?Must know what the capital stock will allow the firm to earn a flow of profit ?Was the investment a sound decision? ?Must be able to value today the expected profit flow over time ?What is the flow of profit worth today? 169。2020 Pearson Education, Inc. Chapter 14 94 Present Discounted Value (PDV) ?Determining the va