Question Please write concise but comprehensive responses

04 Jun Question Please write concise but comprehensive responses

Question
Please write concise but comprehensive responses for each of the following. Discuss each concept separately and indicate relationships among concepts. Include discussion of indicated readings (with references (e. g. U. pp 64-65)) as well as class notes.

I. For the Market for Labordefine

A. demand (D) for labor

B. supply (S) of labor,

C. explain why

1. the slope of the labor D curve is negative and

2. the slope of labor supply curve is positive,

D. explain the backward-bending portion of the labor supply curve U 61-62

E. list 4 determinants of shifts in labor

1.D curves and

2. S curves,

F. discuss impacts on We and Qe in the U.S. labor market of

1. significant expansion of the U.S. housing market (include diagram)

2. significant decreases in federal government expenditures(include diagram),

G. explain wage elasticity of demand for labor (Ed),

H. discuss Ed and unemployment effects of a minimum wage increase when

1. D is elastic(include diagram)

2. D is inelastic(include diagram),

I. explain the relationship between Ed & the substitution of capital for labor

SOURCES: U 58-62; PowerPoint outline: “Demand and Supply Basics”; Notes: 1/8-22/15

II. Explain alternative political economic perspectives of government and markets in a market economy including:

A. List and explain conservative economists’

1. reasons for optimistic expectations about market outcomes (including but not limited to the “invisible hand”) and

2. reasons for pessimistic expectations about government involvement in a market economy (including but not limited to the concept of “laissez-faire”).

B. List and explain liberal economists’

1. reasons forcritical views of some market outcomes (including the concept of market imperfections) and

2. reasons foroptimism about government involvementin a market economy includingbut not limited to the concepts of

a.support for equality of opportunity (U 49-50)

b. opposition to equality of outcomes.(U 49-50)

C. Explain left (radical) economists’ views of

1. the concentration of ownership of capital

2. effects of 1. on the distribution of income and wealth

3. relationship between economic & political power

4. how capital influences

a. who gets elected &

b. policy decisions by elected and appointed government officials,

5. capital strike

6. the four “Cs” of political Economy (U 106-111)

D. Summarize

1.P. Article 1 p. 1 M. Wolfson, “Free Market Outcomes Are Not Fair … And Not Free”

3. P. Article 2 pp. 2-3 J. Madrick, “It’s About Ideas, Stupid

2. T. Palley, “Sabotaging Government” on Canvas

SOURCES: U. 48-52, 105-111; P. Articles 1 & 2 pp. 1-3; T. Palley, “Sabotaging Government” on Canvas (include detailed summaries of these three articles in part D.); PowerPoint: “Perspectives in Political Economy” Slides 12-25 in “Markets and Governments in Capitalism”: Word outline: “Some Aspects of the Left/Radical/Political Economy (PE) Perspective”; Notes: 1/15-29/15

III. A. Use the data from the table: Share of Income by Income Fifth 1947-2009 (on Canvas)to describe how U.S. income inequality
1. declined between 1947 and 1973 and
2. rose after 1973
B. Define each of the following three measures of income inequality

1. Lorenz curve including diagram

2. Gini coefficient including diagram

3. Define percentile and 90/10 percentile ratio

4. Use Gini coefficients and 90/10 percentile ratios in the table “International Inequality Comparisons – 2005” (on Canvas) to demonstrate that U.S. income inequality is greater than other advanced capitalist nations,

C. Describe falling or stagnant average real (explain this term U 13) weekly wages after 1973 using

U p. 15 Figure 2.2,

D. Discuss behavior nominal and real values of the minimum wage after 1970 using U p. 14 Fig. 2.1

E. Define 1.wealth

2. explain the difference between wealth and income W p. 3

3. discuss high and rising wealth inequality using data from W pp. 2-19 and U pp. 19-20.

F. Explain

1. relative definitions of poverty and

2. absolute definitions of poverty,

3. discuss the statement “poverty is exclusion from the normal life of society enforced by lack of material resources”,

4. discuss the SSA poverty definition and it’s weaknesses (see “Measurement of Poverty” (Canvas) and P Article, 23 p. 42 J. Wicks-Lim, “Undercounting the Poor”

5. discuss recent poverty counts and poverty rates (define),

6. discuss variation in poverty rates across population groups,

7. discuss employment rates for the poor

G.Discuss each of the four economic dimensions of racial and sexual discrimination in labor markets:
1. wage gaps U 15-19
2. differences in unemployment rates U 22-27
3. differences in poverty rates
4. differences in occupational distributions U 28-35
H. Summarize

1. W pp. 2-19

2. “Measures of Poverty” (on Canvas)

3. P Article 23 p. 42 J. Wicks-Lim, “Undercounting the Poor”

SOURCES: U pp. 11-35; 1. W pp. 2-19; 2. “Measures of Poverty” (on Canvas) 3. P Article 23 p. 42 J. Wicks-Lim, “Undercounting the Poor” – summarize each of these 3 in part H; “Some Concepts in Statistics” Part III; PowerPoint outlines: “Measurement, Trends and Comparisons: Income Inequality and “Poverty & Discrimination Facts” (all on Canvas); Notes: 1/22-2/12/15