Fundamentals of Labor Economics,
3rd Edition

Thomas Hyclak, Geraint Johnes, Robert Thornton

ISBN-13: 9780357442128 | ISBN-10: 0357442121

Copyright 2021

| Published 2020

| 528 pages

List Price USD $249.95


Examine the essential aspects of modern labor economics from an international perspective with Hyclak/Johnes/Thornton's highly accessible FUNDAMENTALS OF LABOR ECONOMICS, 3E. This convenient, digital edition provides a comprehensive survey of economic theory and empirical evidence on purely competitive labor markets. These acclaimed authors examine the impact of imperfect competition, incomplete information and uncertainty, and institutional factors -- stemming from government regulation, unions, social norms, and human resource management policies -- on wages and employment opportunities. The latest updates address important issues today, such as wage and income inequality, labor market effects of international migration, the impact of occupational licensing on wages and employment, and labor aspects of the current "gig" economy. First-hand labor economics research and results further enhance your understanding of the world in which you will work and manage employees.

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Meet the Authors

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Thomas Hyclak is Professor of Economics Emeritus. His research has involved empirical studies of the determinants of wage levels, unemployment, and earnings distributions with an emphasis on urban/regional labor markets and developments in Poland and other transition economies. Dr. Hyclak has also published several studies of the impact of human resource management innovations and industrial relations activities on the performance of workers and their organizations. Recent research projects include studies of the wage returns to foreign language proficiency and the effect of health improvements and increased life expectancy on economic growth. Dr. Hyclak earned his B.A. and M.A. from Cleveland State University and his Ph.D. from the University of Notre Dame and previously served as department chair and as interim dean for the College of Business and Economics.

Geraint Johnes is Professor of Economics at Lancaster University Management School. His research focuses on labor economics and the economics of education, with a particular interest in the efficiency of educational provision. His recent papers include work on the gig economy and on the future of the high street. From 2014-15 he was Director of the Work Foundation, a major London-based think-tank dealing in policy issues surrounding the labor market. Dr. Johnes earned his B.Sc. from Bath University and his M.Sc. and Ph.D. from Lancaster. Dr. Johnes has earned numerous professional awards and has been a visiting or guest professor at Dartmouth College, Lehigh University, Australian National University, Beijing Normal University, Oxford University, Cardiff University, and the University of Glasgow.

Robert Thornton is the MacFarlane Professor Emeritus of Economics at Lehigh University and an Associate Director of the Martindale Center for the Study of Private Enterprise. He has also served as chairman of Lehigh’s Department of Economics. His research interests lie in the areas of labor economics (particularly unionism in the public sector, occupational licensing, and labor market discrimination) and forensic economics. He has taught courses in labor economics and statistics. He received his Ph.D. in Economics from the University of Illinois after having served as a research assistant at the Brookings Institution. He began his academic career at Lehigh in 1970 and has been a visiting research professor at the University of Sussex (UK) and University College Dublin (Ireland). He also serves as a private consultant in litigation involving personal injury, wrongful death, and discrimination.

  • EXPANDED COVERAGE OF THE LABOR MARKET EXPLORES THE EFFECTS OF INTERNATIONAL MIGRATION. Students review the impact of this global phenomenon and what migration means specifically for the labor markets in sending and receiving countries.
  • EXPANDED CONTENT REVIEWS CURRENT RESEARCH METHODS AND RECENT STUDIES. New content examines the strengths, weaknesses, and accuracy of research methods and closely examines recent studies on the effects of minimum wage policy.
  • EXPANDED COVERAGE DETAILS TODAY'S OCCUPATIONAL LICENSING REQUIREMENTS. Students examine specific professionals that require licenses and the effects of these government regulations on labor markets today.
  • NEW CONTENT EXAMINES THE IMPACT OF TODAY'S "GIG" ECONOMY. Using the latest data, the authors accurately assess the size of the current "gig" economy and examine its consequences on the labor market.
  • UPDATED ANALYSIS EXAMINES TODAY'S TRENDS IN INEQUALITY. Students review current levels of income inequality and study the potential causes of rising inequality around the world.
  • STUDENTS LEARN TO APPLY MICROECONOMIC THEORY TO LABOR MARKET ANALYSIS. Extended coverage considers the implications for labor market analysis of imperfect information and search, monopsony, internal labor markets and personnel economics, government regulation, race and gender discrimination, and union activity. A full chapter on unemployment focuses on the Great Recession and the drawn-out recovery from that downturn. In addition, a full chapter on wage emphasizes income inequality and poverty, which are topics that have received increased attention in recent years.
  • RELEVANT DISCUSSIONS HIGHLIGHT ISSUES OF INTERNATIONAL IMMIGRATION AND THE "GIG" ECONOMY. The authors address these and other emerging issues that are reshaping today's labor markets. Students review the impact of international migration today, specifically for the labor markets. Using the latest data, the authors also discuss the size of the current "gig" economy and examine its consequences on the labor market.
  • INTERNATIONAL DATA, STUDIES, DISCUSSIONS, AND CASES REFLECT LABOR MARKETS AND DEVELOPMENTS THROUGHOUT THE WORLD. While content primarily focuses on labor outcomes in the U.S., the latest data, reviews of current studies, detailed policy discussions, and varied case material highlights advancements in countries around the world. Students examine developments in China, Russia, and other emerging market economies as well as high-income countries.
  • FIRST-HAND LABOR ECONOMICS RESEARCH AND EMPIRICAL RESULTS ARE INTEGRATED THROUGHOUT. This edition incorporates the authors' professional labor economics research and empirical studies with a focus on empirical results throughout the book's discussions. From the Chapter 1 appendix on regression basics to the discussion of natural experiments in Chapter 9, the authors emphasize a basic understanding of the research methods and econometric issues in empirical work with limited emphasis on statistics.

Table of Contents

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1. The Study of Labor Economics.
2. The Demand for Labor.
3. Topics in Labor Demand
4. The Supply of Labor: Labor Force Participation.
5. The Supply of Labor: Hours of Work.
6. Human Capital Analysis.
7. Labor Market Equilibrium.
8. Information and Job Search.
9. Monopsony and Minimum Wages.
10. Internal Labor Markets.
11. Personnel Economics.
12. Unions and Collective Bargaining.
13. Labor Market Discrimination.
14. Unemployment.
15. Wage Inequality, Income Inequality, and Poverty.

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

Instructor's Companion Website for Hyclak's Fundamentals of Labor Economics

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Fundamentals of Labor Economics

  • ISBN-10: 0357442121
  • ISBN-13: 9780357442128

Price USD$ 249.95

eBook: Fundamentals of Labor Economics 12Months

  • ISBN-10: 8000030217
  • ISBN-13: 9788000030210

Price USD$ 74.99


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