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2014 | OriginalPaper | Chapter
16. Labor and Employment
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Abstract
For most of us, there is no aspect of economics more important than the study of employment, wages and the conditions of work—for the simple reason that most of us participate in the economy as workers or plan to participate that way in the future. As we saw in Chap. 4, the perspective of economics puts consumption at the center, but for almost everyone work is what makes consumption possible, and useful and interesting work is valuable in its own right. In this chapter we will survey the concepts economists employ when they try to explain or predict wages and job opportunities.