The Market for Labor

Steven E. Landsburg

Chapter 16 in Price Theory and Applications, 2024, pp 617-641 from World Scientific Publishing Co. Pte. Ltd.

Abstract: There are two types of decision makers in the economy: individuals and firms. Individuals supply factors of production, such as labor, to firms and demand output in return. Firms demand factors of production, use them to produce output, and supply that output to individuals.In Chapters 3 and 4, we studied the demand for output by individuals and in Chapters 5 through 7, we studied the supply of output by firms. In Chapter 15, we studied the demand for inputs by firms; now in this chapter and the next, we complete the picture by studying the supply of inputs by individuals…

Keywords: Microeconomics; Price Theory; Supply and Demand; Demand Curve; Adverse Selection; Budget Line; Indifference Curve; Common Property; Competition; Competitive Industry; Constant-cost Industry; Consumer Surplus; Producer Surplus; Social Gain; Social Welfare; Efficiency Criterion; Economic Efficiency; Cost; Price; Deadweight Loss; Price Ceiling; Tariff; Rationing; Quotas; Equimarginal Principle; Price Discrimination; Monopoly; Two-part Pricing; Two-part Tariff; Fishery; Collusion; Income Effect; Substitution Effect; Normal Good; Inferior Good; Giffen Good; Externality; Property Right; Coase Theorem; Transactions Cost; Law of Demand; Marginal Cost; Marginal Revenue; Marginal Value; Market Failure; Moral Hazard; Nash Equilibrium; Normative Criterion; Positive Economics; Oligopoly; Hayek; Social Cost; Economics of Information; Sales Tax (search for similar items in EconPapers)
JEL-codes: D D04 D4 L11 (search for similar items in EconPapers)
Date: 2024
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