Labour Economics
- Social Sciences
- 700 level
- 2 credit units
- 150 pages
- 15 units
This course introduces students to traditional and contemporary topics in labor economics. It develops an analytical framework for issues and policies related to the labor market, providing an overview of institutional aspects and recent trends. The course examines labor demand and supply, wage determination, and employment discrimination. It also covers government policies on wage setting, unemployment, education, and retraining, focusing on interactions between workers, firms, and the government.
About this course
- Difficulty
- Intermediate
- Study hours
- 156 hours
- Maths
- Intermediate
- Content
- Theoretical, case study, problem solving
- Practical work
- No
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of ECO723, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO723 · UNIT ONE: AN OVERVIEW OF THE CONCEPT OF SUPPLY OF LABOUR
In distance learning the study units replace the university lecturer. This is one of the great advantages of distance learning; you can read and work through specially designed study materials at your own pace and at a time and place that suit you best.
What you should be able to do
- Explain the factors influencing labor supply and demand.
- Analyze the determinants of wage levels in competitive and non-competitive markets.
- Evaluate the economic effects of labor market discrimination.
- Discuss the role of labor unions in wage determination and working conditions.
- Assess the impact of government policies on labor market outcomes.
- Apply labor market models to analyze real-world issues and policies.
What it prepares you for
- Labor Economist
- Human Resources Manager
- Compensation Analyst
- Policy Analyst
- Market Research Analyst
- Government Agencies
- Consulting Firms
- Labor Unions
- Research Institutions
- Private Sector Companies
Where it gets hard
The units students slow down on, and what makes each one heavy.
- MODULE ONE: The Supply of Labour and Accumulation of Human Capital
Unit 2: Income and Substitution Effects
Understanding the trade-offs between labor and leisure requires a strong grasp of microeconomic principles and utility maximization.
- MODULE TWO: Demand for labour in competitive and non-competitive markets
Unit 3: Monopsony in the labour market
Monopsony models involve analyzing market power on the demand side of the labor market, which can be conceptually challenging.
- MODULE FOUR: Wage Discrimination (Gender, Race, and Inequality in Earnings)
Unit 2: Theories of market discrimination
Theories of market discrimination require understanding complex interactions between employer preferences, statistical biases, and social norms.
A suggested way through it
13 weeks, about 30 hours in total. Yours will differ.
- Week 1MODULE ONE: The Supply of Labour and Accumulation of Human Capital
Unit 1: Concept of Supply of Labour · 2 hours
Read Unit 1: Concept of Supply of Labour. Define labor supply and its key determinants.. Discuss the factors influencing an individual's decision to participate in the labor force..
- Week 2MODULE ONE: The Supply of Labour and Accumulation of Human Capital
Unit 2: Income and Substitution Effects · 2 hours
Read Unit 2: Income and Substitution Effects. Analyze the impact of wage changes on labor supply decisions.. Differentiate between the income and substitution effects and their implications for labor supply..
- Week 3MODULE ONE: The Supply of Labour and Accumulation of Human Capital
Unit 3: Human Capital Investments · 2 hours
Read Unit 3: Human Capital Investments. Define human capital and its role in labor economics.. Discuss the different types of investments in human capital and their impact on productivity..
- Week 4MODULE ONE: The Supply of Labour and Accumulation of Human Capital
Unit 4: Is Education a good Investment? · 2 hours
Read Unit 4: Is Education a good Investment?. Evaluate the economic returns to education.. Analyze the factors influencing the decision to invest in education and its implications for labor market outcomes..
- Week 5MODULE TWO: Demand for labour in competitive and non-competitive markets
Unit 1: Demand for Labour when market is competitive · 2 hours
Read Unit 1: Demand for labour when market is competitive. Explain the concept of derived demand for labor.. Analyze the factors influencing the demand for labor in competitive markets..
- Week 6MODULE TWO: Demand for labour in competitive and non-competitive markets
Unit 2: Labour demand when market is non-competitive · 2 hours
Read Unit 2: Labour demand when market is non-competitive. Discuss the characteristics of non-competitive labor markets.. Analyze the factors influencing labor demand in imperfectly competitive markets..
- Week 7MODULE TWO: Demand for labour in competitive and non-competitive markets
Unit 3: Monopsony in the labour market · 2 hours
Read Unit 3: Monopsony in the labour market. Define monopsony and its implications for labor market outcomes.. Analyze the effects of monopsony power on wages and employment levels..
- Week 8MODULE THREE: Labour unions and the determination of equilibrium wages
Unit 1: Evolution of unions and collective bargaining · 2 hours
Read Unit 1: Evolution of unions and collective bargaining. Discuss the historical development of labor unions.. Explain the process of collective bargaining and its role in wage determination..
- Week 9MODULE THREE: Labour unions and the determination of equilibrium wages
Unit 2: Determination of equilibrium wages · 2 hours
Read Unit 2: Determination of equilibrium wages. Analyze the factors influencing equilibrium wage levels.. Discuss the role of labor unions in wage determination..
- Week 10MODULE FOUR: Wage Discrimination (Gender, Race, and Inequality in Earnings)
Unit 1: Why Wage differentials exist amongst similar workers · 2 hours
Read Unit 1: Why Wage differentials exist amongst similar workers. Identify the sources of wage differentials among similar workers.. Discuss the factors contributing to wage inequality in the labor market..
- Week 11MODULE FOUR: Wage Discrimination (Gender, Race, and Inequality in Earnings)
Unit 2: Theories of market discrimination · 2 hours
Read Unit 2: Theories of market discrimination. Explain the different theories of labor market discrimination.. Analyze the economic effects of discrimination on wages and employment..
- Week 12MODULE FOUR: Wage Discrimination (Gender, Race, and Inequality in Earnings)
Unit 3: Policies to end Discrimination · 2 hours
Read Unit 3: Policies to end Discrimination. Evaluate the effectiveness of policies aimed at reducing labor market discrimination.. Discuss the challenges in implementing anti-discrimination policies..
- Week 13MODULE FIVE: Labour Policies
Unit 1: Minimum Wage Laws · 2 hours
Read Unit 1: Minimum Wage Laws. Define minimum wage laws and their objectives.. Analyze the economic effects of minimum wage laws on employment and wages..
Unit 2: Labour Welfare Reform · 2 hours
Read Unit 2: Labour Welfare Reform. Discuss the goals and objectives of labor welfare reform.. Analyze the impact of welfare reform on labor market participation and poverty rates..
Unit 3: Trade Union Policies · 2 hours
Read Unit 3: Trade Union Policies. Explain the different types of trade union policies.. Analyze the impact of trade union policies on wages, employment, and working conditions..
Preparing for the exam
- Review the core concepts of labor supply and demand, focusing on the factors that shift these curves.
- Create concept maps linking Units 3-5 database concepts.
- Practice applying labor market models to analyze the effects of minimum wage laws and other policies.
- Focus on understanding the different theories of wage discrimination and their policy implications.
- Review all key terms and definitions from each unit, creating flashcards for quick recall.
- Allocate specific time slots for focused study sessions, avoiding distractions.
- Prioritize topics based on their weight in the final examination, as indicated in the course guide.
Questions students ask about this course
What is ECO723 about?
This course introduces students to traditional and contemporary topics in labor economics. It develops an analytical framework for issues and policies related to the labor market, providing an overview of institutional aspects and recent trends. The course examines labor demand and supply, wage determination, and employment discrimination. It also covers government policies on wage setting, unemployment, education, and retraining, focusing on interactions between workers, firms, and the government.
How many units does ECO723 have?
ECO723, Labour Economics, has 15 units across 5 modules, over 150 pages of course material. You can read it one unit at a time.
How many credit units is ECO723?
ECO723 carries 2 credit units, at 700 level in Social Sciences.
Is ECO723 hard?
ECO723 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical, case study and problem solving work.
How long does ECO723 take to study?
About 156 hours of study, spread across its 15 units.
How is ECO723 assessed?
ECO723 is assessed by assignments, tutor marked assessments and final examination.
What can I do with ECO723?
Labor Economist, Human Resources Manager, Compensation Analyst, Policy Analyst and Market Research Analyst.