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This labor economics course is compulsory for Major Economics as a component of “Applied Microeconomics” (4th term), in which microeconomic theory from previous terms is applied to the labor market. It includes decisions of workers and firms about labor supply and labor demand, the labor market equilibrium in competitive and non-competitive labor markets, unemployment, unions etc.

1. Labor supply [B2]
2. Labor demand [B3]
2.1. Labor demand in the short-run with perfect competition
2.2. Labor demand in the short-run with imperfect competition [B4.9+4.10]
2.3. Application: Minimum wages and labor demand in the short-run
2.4. Labor demand in the long-run with perfect competition
3. Labor market equilibrium: Shocks, Mobility, Unemployment, and Unions [B4, B12.2+12.4+12.10, B10]

Mandatory textbook reading: [B] Borjas, G.J. (2013), Labor Economics, 6th edition, McGraw-Hill. (older and newer editions are also OK)

The presented theories are accompanied by applications, numerical and empirical examples, statistics, home assignments, general discussion points for repetition, class and group discussions.

Applications: The basic models are applied to discuss specific topics (e.g., workaholics, unemployment benefits, minimum wages) during the lecture.

Numerical examples and MC examples: The numerical examples illustrate the functioning of the models. Some examples for multiple choice test questions are also given.

Empirical examples using Stata: Students estimate life satisfaction regressions in the context of labor supply, employment regressions in the context of labor demand, and analyze the Phillips curve.

Home assignments: The general home assignment is to repeat the slides from the lecture and to read the Chapters in Borjas. The general discussion points for repetition should help students to repeat the lecture and to reflect on the basics. Students should do further home assignments to deepen their understanding about specific topics (e.g., videos OECD employment outlook, minimum wages).

Class and group discussions: Students should discuss specific topics and questions in groups and present their results in class.

Students will be able to explain and critically evaluate economic models and their assumptions. They will be able to explain and critically evaluate economic and public policies based on economic theory and evidence. [LO 1.1+1.3]

Students will be able to apply microeconomic theories to analyze human behavior, firms, and markets in different fields of economics. [LO 2.2]

Students will be able to deliver high quality presentations combining visual communication design with oral and written communication. They will be able to produce clear and well-structured documents that comply with scientific standards. Students will be able to work in diverse teams and will be sensitive to inter- and transdisciplinary discussions. [LO 4.1-4.3]

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