ECC3710

Labour economics

Mrs Judy Rich

6 points
* Two 1-hour lectures and one 1-hour tutorial per week
* First semester
* Clayton
* Prerequisites: ECC2000 and ECC2010 or equivalent

Objectives On completion of this subject students should have a clear understanding of the labour market as a factor market; have acquired substantial knowledge of the economic principles underlying the different theoretical perspectives and explanations of the Australian labour markets; have a clear understanding of the institutional features surrounding labour markets, in particular those features surrounding the Australian labour market, the system of arbitration and The Accord; be able to apply, critically, the contrasting theoretical views to an analysis of major contemporary economic problems arising from the labour market; have an ability to present a critical evaluation of contrasting viewpoints through written work.

Synopsis Contrasting theoretical models of the labour market: the neo-classical model, institutional theory such as internal labour markets, implicit contract theory; Thurow's job competition model and wage efficiency models; analysis of the role of trade unions in the labour market; introduction and evaluation of discrimination in the Australian labour market; contrasting theoretical views of the Phillips curve; application of this analysis to a discussion of issues with an emphasis on contemporary problems of labour market reform, discrimination, unemployment and stagflation.

Assessment Tutorial participation: 5%
* Tutorial presentation: 15%
* Essay (2500 words): 15%
* Examination (2 hours): 65%

Prescribed texts

Sapsford D and Tzannatos Z The economics of the labour market Macmillan, 1993