CEL for Teachers’s Updates

Week 3 - The Labour Market

Week 3 The Labor Market

One of the most important market is the Labour Market – how does pricing work and how are wages and unemployment levels determined? Economists have tended not to favor raising minimum wage because they seem to cause the price mechanism to fail and can lead to greater unemployment. At the same time, globalizing forces have impacted the labour market in profound ways. This week we will explore the traditional view about the labour market, David Card's empirical study and Chang's critique on why the pricing of labor continues to be a very urgent and contentious issue in our globalized world.

                               What is the right price for labor? TranThangNhat. (n.d.).

References

TranThangNhat. (n.d.). Labor, Climb, Hazardous. [Photo]. Pixaby. Retrieved August 1, 2023, from https://pixabay.com/photos/labor-climb-hazardous-worker-mall-7576514/

 

 

What Determines Unemployment and Wages in the Labor Market?

Lesson Objective -

1. Explain how pricing of labor is affected by local and global forces.

2. Define minimum wage, unemployment.

3. Reflect: Explain an economic assumption that you have long held about labour; share 1 way you would like to re-frame your understanding about labour. (Personal Update 3 - 150 to 200 words)

4. Comment on 2 Peers' Updates (75 words using terms and ideas learned)

 

Pre-Session Material (please complete before synchronous sessions)

Take notes and type your wonderings at the end of this pre-session below.

 

What is Minimum Wage? Does it protect or hurt workers?

Media embedded August 1, 2023

                                                                (Economist, 2021)

How did Nobel Prize winning Economist, David Card, Challenge Conventional Economic Assumptions?

Read:  Mariel boatlift study from Nobel Economist David Card | UBS Nobel Perspectives https://www.ubs.com/microsites/nobel-perspectives/en/latest-economic-questions/economics-society/articles/immigration-and-labor-market-a-mariel-boatlift-study.html

Read: Thing 3 in 23 Things They Do Not Tell You About Capitalism (book chapter)

 

References

immigration-and-labor-market-a-mariel-boatlift-study. (2023, March 31). UBS. https://www.ubs.com/microsites/nobel-perspectives/en/latest-economic-questions/economics-society/articles/immigration-and-labor-market-a-mariel-boatlift-study.html?caasID=CAAS-ActivityStream

Chang, H.J. (2011). 23 things they don’t tell you about capitalism. Bloomsbury Publishing USA.

The Economist. (2021). The minimum wage: Does it hurt workers? [Video]. In YouTube. https://www.youtube.com/watch?v=8H4yp8Fbi-Y

 

Comment: What new insights into how workers' value (wage) and unemployment do you have? 

What is a wondering you have as a result of this week's pre-session materials?

 

 

 

 

 

  • Joanne Anderson
  • Joanne Anderson
  • Tammy Cheng
  • Robin Ford Coron
  • Joanne Anderson
  • Nina Wakefield
  • Tammy Cheng
  • Kristina Pilgueva
  • Tammy Cheng