Labor Economics

4.

Labor Market Equilibrium

4.1.

Competitive Labor Market Equilibrium

4.1.1.

Determination of Wages and Employment

4.1.1.1.

Intersection of Supply and Demand

4.1.1.2.

Comparative Statics

4.1.2.

Efficiency of Competitive Equilibrium

4.1.2.1.

Pareto Efficiency

4.1.2.2.

Consumer and Producer Surplus

4.1.2.3.

Deadweight Loss Analysis

4.2.

Non-Competitive Labor Markets

4.2.1.

4.2.1.1.

Definition and Characteristics

4.2.1.2.

Marginal Expenditure of Labor

4.2.1.3.

Wage and Employment Determination under Monopsony

4.2.1.4.

Welfare Implications

4.2.1.5.

Sources of Monopsony Power

4.2.2.

Monopoly in the Output Market

4.2.2.1.

Impact on Labor Demand

4.2.2.2.

Double Marginalization

4.3.

Dynamic Labor Market Models

4.3.1.

4.3.1.1.

Dynamic Adjustment in Labor Markets

4.3.1.2.

Conditions for Stability and Instability

4.3.2.

Search and Matching Models

4.3.2.1.

Job Creation and Destruction

4.3.2.2.

Matching Functions

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3. Labor Demand

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5. Compensating Wage Differentials