Lect 1, 14 Jun 06

U09071
Welcome to the unit !
Stanley Fong
Lecture
Lecture 1:
1: Introduction
Introduction
Introduction to unit, assessment
and lecture schedule
Introduction and overview
What is a labour market
Labour market theory
Lecture
Lecture Timetable
Timetable (1)
(1)

Lecture 2 (21 June 06):

Economic and sociological
perspectives
Rubery & Grimshaw (2003), Ch. 2

Lecture 3 (5 July 06):

Households and labour supply
Rubery & Grimshaw (2003), Ch. 4
Lecture
Lecture Timetable
Timetable (2)
(2)

Lecture 4 (12 July 06):

(i) Organisations and labour demand
Smith (2003), Ch. 2
(ii) Occupations and labour market
institutions
Crompton, R. (1998). Class
stratification: an introduction to
current debates (2nd ed.). Cambridge:
Polity. Ch. 3.
Lecture
Lecture Timetable
Timetable (3)
(3)
Lecture 5 (28 June 06):
Employment relationships:
Internal, external, segmented
and dual labour markets
Creedy, J. & Whitfield, K. (1988)
The economic analysis of
internal labour markets. Bulletin
of Economic Research, 40, 40(4),
247-269
Lecture
Lecture Timetable
Timetable (4)
(4)

Lecture 6 (19 July 06):

(i) Migration, unemployment and
inequality
(ii) Discrimination in labour
markets
Adnett (1996), Ch. 5 & 6
Lecture
Lecture Timetable
Timetable (5)
(5)

Lecture 7 (26 July 06):

(i) National Minimum Wage
Metcalfe, D. (1999). The British
national minimum wage. British
Journal of Industrial relations,
37(2), 171-201.
(ii) Labour market flexibility
Rubery & Grimshaw (2003), Ch. 6
Lecture
Lecture Timetable
Timetable (6)
(6)

Lecture 8 (2 August 06):

Summary themes
UNIT
UNIT ASSESSMENT
ASSESSMENT (1)
(1)

Examination
100% of the overall unit mark
3-hour duration
An unseen compulsory set of
questions (50% of mark)
Six short questions
Basic concept and analyses
UNIT
UNIT ASSESSMENT(2)
ASSESSMENT(2)

One question from a list of 3

seen questions (50% of mark)
Apply knowledge and analytical
frameworks
What
What is
is aa labour
labour market
market ??
“The labour market is the area, defined
occupationally, industrially, and
geographically, within which workers are
willing to move and do move comparatively
freely from one job to another. Movement
within the area is fairly easy and
customary; and migration into it or out of
it is less frequent and more difficult.”
difficult.” ,
Clark Kerr
Labour
Labour Market
Market Theory
Theory (1)
(1)
Economic theory
Neoclassical theory
Based on the behavior of profit
maximizing firms and utility
maximizing individuals.
Demand and supply theory
The time needed for the market to
reach equilibrium.
Labour
Labour Market
Market Theory
Theory (2)
(2)
The demand for labour
(i) The demand for the good or service
produced by workers and
(ii) The production function linking
workers, machinery, and other inputs to
the outputs of a profit maximizing firm.
A key consideration is the degree to
which labour and other inputs are
interchangeable in production.
Labour
Labour Market
Market Theory
Theory (3)
(3)
The supply for labour
Maximizes the utility resulting from the
individual’s choice between the
consumption of leisure and the
consumption of goods and services.
A key consideration is the individual’s
need to work to obtain the income
required to buy things.
Labour
Labour Market
Market Theory
Theory (4)
(4)
Labour Market Institutions
Political institutions
Government
Employers associations, trade
unions and other lobbyists
Economic institutions
Business firms
Social beliefs and customs
Thank you