Econ 150: Labor Economics
Winter, 2024
Course Description:
Introduction to microeconomic and macroeconomic models of labor markets where information is asymmetric, agents behave strategically, and firms have market power. Application of theoretical models to real-world issues such as minimum wages and the future of work. Independent student research.
Learning objectives:
- Gain confidence with constrained maximisation
- Work with labor market models and understand their application to real-world issues
- Gather information and prepare for post-graduation job search
- Conduct student-led research using BLS data
Requisite courses: 11, 101. (Econ 103 – econometrics - is an optional pre-req. You will be fine if you have not taken it, but it is good background knowledge).
Textbook:
The Economy, by the CORE Econ team
• The Economy 2.0 Microeconomics,. This textbook is available for free online, here: http://core- econ.org/the-economy
• The Economy 2.0 Macroeconomics. The 2nd edition of the macro units has not yet been published but I will provide lecture slides that cover the required material.
• The Economy (1st edition) - available for free online, here: http://core-econ.org/the-economy/v1/
Outline of Topics and Related Readings:
1. Working hours (2.0 Microeconomics, unit 3)
2. The firm and its employees (2.0 Microeconomics, unit 6)
3. The supply side – unemployment and real wages (2.0 Macroeconomics, unit 1)
4. Supply side policies, institutions and inequality (2.0 Macroeconomics, unit 2)
5. Technological progress, employment and living standards in the long-run (1.0 unit 16)
Assessment:
|
Component |
Due date |
Description |
Weighting |
|
Occupations assignment |
Friday of week 3 (January 26th at 11.59pm) |
See below |
20% |
|
BLS assignment |
Outline: Friday of week 7 (February 23rd at 11.59pm) Finished paper: Friday of week 9 (March 8th at 11.59pm) |
See below |
10% + 20% = 30% |
|
Midterm |
Wednesday of week 6 (Feb 14th ). During class time. Bruin learn quiz, held in the Public Affairs Labs. |
Mixture of multiple choice and short-answer questions |
20% |
|
Final |
Wednesday March 20th, 8am – 11am. Bruin learn quiz, most likely to beheld in the Public Affairs Labs. |
Mixture of multiple choice and short-answer questions |
30% |
|
Course Evaluation |
While the survey is open |
Complete the course evaluation |
1% extra credit |
Occupations assignment
Choose an occupation that you are considering pursuing after you graduate.
For ideas on common career paths for econ majors (e.g. accountant, consultant, analyst, investment banker etc.) see here:https://economics.ucla.edu/undergraduate/career/career-pathways-2/
You can also choose something less typical for econ majors, as long as you are really considering it.
|
Section |
Requirement |
Points |
|
Description |
Name the occupation and provide a brief description (1 paragraph) Identify the relevant SOC (Standard Occupational Classification) code. |
2 |
|
Typical salary |
Use tables or graphs to show the typical salary for this occupation - Give a range (low end, median and high end) - Compare LA to one other place - Show changes from entry level, to 5 and 10 years experience |
3 |
|
Qualifications |
List the required qualifications (what kind of degree, any license requirements) |
2 |
|
Skills |
Identify three key skills that are required to be successful in this occupation. Provide an example of something you could share with an interviewer to demonstrate that you have this skill (three examples total, one for each skill). If you feel that you do not yet have that skill, you can provide an example of how you plan to acquire it. |
3 |
|
Job search platform |
Identify a job search platform that you like (e.g. linkedin, indeed, handshake, wellfound ...) and explain why you like that one. (1 paragraph). Creating a profile on that platform is optional. |
2 |
|
Company reviews |
Use Glassdoor.com to read reviews of two companies that employ people in your chosen occupation. In a table, summarize the advantages and disadvantages people describe for each company. Write a paragraph explaining why the reviews on Glassdoor.com may not provide an unbiased view of what it is really like to work for that company. |
3 |
|
CV |
Format your CV according to the requirements of the NYU Stern MBA program as described here: https://web-docs.stern.nyu.edu/admissions/asw-stern-resume-writing- guide-class-of-2019.pdf |
5 |
Possible data sources:
https://www.bls.gov/oes/current/oes_nat.htm
https://www.bls.gov/bls/blswage.htm
www.indeed.com/career/salaries
Your CV should be 1 page in length. The other requirements should take around three pages. Each section should be clearly labelled with a sub-heading. Include a cover page with your name, student ID and the name of the occupation you have chosen. (If the name you go by is different from the name on the roster, please include both names so we can match you to the roster). References or a bibliography are not required.
BLS Assignment
The Bureau of Labor Statistics (BLS) publishes ajournal called the Monthly Labor Review. They are currently piloting a student version of this journal, called the Student Monthly Labor Review (SMLR). Your assignment is to write a research paper that fulfils the requirements for submission to the Student MLR. After completing the assignment, you can submit it to BLS if you want to. This assignment is optional groupwork – you should submit it in “groups” of 1 to 4 students (use the discussion forums on bruin learn to form groups if you want to).
Papers should be 5 to 10 pages in length and original data analysis is required.
Papers can include ◦ a description of emerging trends ◦ an innovative research or new ways of looking at data ◦ an interesting economic observation or ◦ a new method or methodology
- A fact sheet is available on bruin learn.
- BLS will host a webinarabout this project (probably in January) to provide further information.
- The grading criteria for the assignment for this class will be provided (for the outline and the finished paper)
Policies:
MISSED EXAMS and LATE ASSIGNMENTS:
Exams must betaken at their scheduled time. If a student misses an exam due to a verifiable emergency, they should contact the instructor. Assignments are due in class on the date given above. Late assignments will lose 10% of the total possible grade each day they are late.