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Learn how the marginal product of labor (MPL) is the change in output that results from employing an added unit of labor. See how MPL relates to costs, average product of labor, diminishing marginal returns, and profit maximization.
Featherbedding is the practice of hiring more workers than needed or adopting complex work rules to preserve jobs. Learn about its origin, economic and legal implications, and alternative perspectives from labor relations, economics and social theory.
A book by Keynes published in 1936 that challenged the classical economics orthodoxy and introduced the concepts of effective demand, liquidity preference and the multiplier. It argued that the level of employment is determined by the level of aggregate demand, not by the price of labour, and advocated government intervention in economic policy.
Okun's law is an empirical observation that a 1% increase in unemployment rate is associated with a 2% decrease in GDP in the US. Learn about the gap and difference versions, the factors affecting the law, and the usefulness and accuracy of the law.
Keynes interprets the relation between output and employment as a causative relation between effective demand and employment. He discusses what happens at full employment [16] concluding that wages and prices will rise in proportion to any additional expenditure leaving the real economy unchanged. The money supply remains constant in wage units ...
Learn how wages are determined by the marginal revenue product of labor, which is the value of the marginal product of labor multiplied by the marginal revenue. Compare the theory for different market structures and see examples and references.
Learn how insiders, outsiders, firms, and unions affect wage negotiations and unemployment in labor economics. The theory explains the persistence of natural rate of unemployment and the social consequences of unemployment.
"The labor problem" is the economics term widely used toward the turn of the 20th century with various applications. [1] It has been defined in many ways, such as "the problem of improving the conditions of employment of the wage-earning classes." [2]
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