Chapter 14: Labor Markets

Kathryn Nantz

Labor markets Work is a part of life for almost all people around the world. Though the types of work people do and the conditions under which that work is done vary endlessly, people get up each morning and choose to use their human capital in ways that generate some sort of productive good or service or that help prepare them to be productive economic citizens in the future. Some of this work is done in the privacy of the home, where beds are made, children are raised, and lawns are mowed. While this unpaid productive activity is essential to a well-functioning economy, this chapter addresses work time and skills that are sold in markets in exchange for wages and other compensation. The purpose of this chapter is to explore the unique nature of labor markets and to consider how these markets will evolve in response to changes in the ...

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