In economics, the term 'labor' refers to workers. As a factor of production, labor earns wages for the services that it renders. As such, students of labor economics have traditionally set out to understand wage formation, the level of employment, and all elements that go into the making of a wage relationship. Over the years, the social and economic contexts in which labor markets operate have become increasingly complex; nowadays, labor economics is no longer limited to the study of wages. Modern labor economics instead seeks to understand the complex workings of the labor market by studying the dynamics between employers, employees, and their wage-, price-, and profit-making incentives. In other words, modern labor economics explores the outcomes of the labor market under the assumption that workers strive to maximize their wellbeing and firms strive to maximize profits. It also analyzes the behavior of employers and employees and studies their responses to changes in government policies and/or in the demographic composition of the labor force. Upon successful completion of this course, students will be able to: Demonstrate an understanding of basic labor economics theory, including labor market structures and wage determination; Apply their understanding of theoretical models to analyze trends in data pertaining to topics in labor economics; Apply their understanding of theoretical models to case studies presented in the course; Construct, defend, and analyze important labor policy issues; Comprehend, assess, and criticize existing empirical work in labor economics. (Economics 303)

" This course is an introduction to labor economics with an emphasis on applied microeconomic theory and empirical analysis. We are especially interested in the link between research and public policy. Topics to be covered include: labor supply and demand, taxes and transfers, minimum wages, immigration, human capital, education production, inequality, discrimination, unions and strikes, and unemployment."

Models of economic growth, old and new. Half-term subject. Introduction to the theories of economic growth. Topics will include basic facts of economic growth and long-run economic development; brief overview of optimal control theory and dynamic programming; basic neoclassical growth model under a variety of market structures; human capital and economic growth; endogenous growth models; models with endogenous technology; models of directed technical change; competition, market structure and growth; financial and economic development; international trade and economic growth; institutions and economic development.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.

By the end of this section, you will be able to:

Discuss the components of economic growth, including physical capital, human capital, and technology
Explain capital deepening and its significance
Analyze the methods employed in economic growth accounting studies
Identify factors that contribute to a healthy climate for economic growth

By the end of this section, you will be able to:

Identify the role of labor productivity in promoting economic growth
Analyze the sources of economic growth using the aggregate production function
Measure an economy’s rate of productivity growth
Evaluate the power of sustained growth

By the end of this section, you will be able to:

Understand the arguments for and against requiring the U.S. federal budget to be balanced
Consider the long-run and short-run effects of a federal budget deficit

By the end of this section, you will be able to:

Analyze the growth policies of low-income countries seeking to improve standards of living
Analyze the growth policies of middle-income countries, particularly the East Asian Tigers with their focus on technology and market-oriented incentives
Analyze the struggles facing economically-challenged countries wishing to enact growth policies
Evaluate the success of sending aid to low-income countries

By the end of this section, you will be able to:

Explain crowding out and its effect on physical capital investment
Explain the relationship between budget deficits and interest rates
Identify why economic growth is tied to investments in physical capital, human capital, and technology