79000 - The Economics of the labour market

Learning outcomes

The course aims to provide and develop the analytical tools necessary to interpret the dynamics of the labor market, according to an eclectic approach. At the end of the course the student is expected to: - have an in-depth knowledge of the fundamentals of the analysis of job supply and demand in conditions of perfect and imperfect competition - have studied in depth analysis topics linked to the so-called knowledge economy, highlighting how the latter determines profound transformations in the mechanisms of human resources training - knows how to interpret the dynamics of the Italian labor market in the light of the models studied - possesses the analytical tools necessary to understand the terms of the debate on the labor market - is able to formulate autonomous judgments on the various issues that characterize this market

Course contents

The course has been planned as an Integrated Course (IC), composed of two modules: the Module I is named “Labour Economics”; the Module II is named “Workshop in Economics”.

The general aim of the course is twofold. On the one hand, it aims to provide a full overview of the main analytical tools employed by labour economics at the micro, macro and meso-economic level, including micro-economic foundations. On the other hand, the course seeks to emphasize the complexity of the discipline often leading to conflicting approaches, due to the different emphasis on the relevant issues, on the different analytical methods adopted and on the policy solutions proposed. Thus, in addition to partial equilibrium analysis, referring to the mainstream approach, the course will also provide the students with analytical models that emphasize the role played by both the labour market structure and the macroeconomic context in which these markets are placed.

The first module is held by Diego Lanzi: the lectures of this module will start on Monday 10th of February 2025. The second module is held by Gilberto Antonelli: the lectures of this module will start on Monday 31th of March 2025.

Module I

The syllabus is organised as follows.

1. Introduction

2. Labour supply

3. Labour demand

4. The equilibrium of the competitive labour market

5. Not perfectly competitive markets for labour

6. Human Capital

7. Wage distribution and inequality

8. The labour market as a social institution

9. Labour markets in the Marxist thought

Module II

The syllabus is organised as follows.

1. Labour markets, economic theory and statistical evidence

1.1. Economic theory, stylised facts and empirical evidence on labour markets

1.2. Cyclical states and structural scenarios

1.3. Market forms in labour markets

1.4. Basic indicators on Italian labour markets

1.5. Survey of statistical evidence useful to better contextualize

1.5.1. Some indicators on demographic dynamics in Italy

1.5.2. Other indicators for comparing real and financial situation in different countries

1.5.3. The contribution of the medium term structural budget 2025-29

1.6. Complexity of a structural analysis of labour markets in a poly-crisis world

1.6.1. Italian economic decline and low performance of European economies

1.6.2. Inconsistencies between macro and meso-economic policies, industrial policies and labour markets policies

1.6.3. A poly-crisis world

1.6.3.1. The financial global crisis started in 2007

1.6.3.2. The pandemic crisis from Covid-19

1.6.3.3. The invasion of Ukraine

1.6.3.4. The worsening of the Palestine - Israel conflict

1.6.3.5. Complex processes of work transformation

1.7. Main answers of economic policy

1.7.1. Answers of the European Union

1.7.2. Answers of the United States of America

1.8. Crucial issues

1.8.1. Employment polarization

1.8.2. Fragmentation of social and productive structure and economic conflict

1.8.3. Strategic role of graduate tracking in Europe

2. Macro-economics of labour markets

1. How labour is introduced in the macro-economic system

2. Determinants and effects of unemployment

3. Unemployment, inflation, aggregate demand: The Classical model

4. Unemployment, inflation, aggregate demand: The Keynesian model

5. Inflation, bargaining, aggregate supply: The Friedman model and the New Classical Macro-economics

6. Inflation, bargaining, aggregate supply: The New Keynesian Macro-economics and the model of Imperfect Competition

Readings/Bibliography

Module I

Borija J. (2023) "Labour Economics", McGraw Hill, New York

Boeri T., van Ours J. (2021) "The Economics of Imperfect Labour Markets", Princeton University Press, Princeton

Solow R. (1990) "The Labour Market as a Social Institution", Blackwell, London

Module II

Antonelli G. e Guidetti G., Economia del lavoro e delle risorse umane, Torino, Utet, 2008.

Antonelli G., Labour markets and inequality, in Rehbein B. e Jodhka S.S. (eds.) (2024), Global Handbook of Inequality, Cham, Springer Nature.

Antonelli G. e Civilini F., Education and inequality, in Rehbein B. e Jodhka S.S. (eds.) (2024), Global Handbook of Inequality, Cham, Springer Nature.

Teaching methods

Module I

Lectures and discussion groups.

Module II

Teaching includes front lectures and tutorials. The course contents will be presented in a systematic way in the front lectures following the above syllabus. Tutorials will be devoted to go into analyses and specific questions relevant to the preparation of tests. Specific readings will be suggested during the course as either additional or replacing bibliographic references.

Assessment methods

Module I

Written exam

Module II

The examination will consist of a written exam in presence with evaluation in thirtieth which will be carried out connecting online with the platform EOL (https://eol.unibo.it) at the time indicated on AlmaEsami’s calendar to which the student must be registered in order to access it. The test consists of 15 questions to be answered in 30 minutes within a 40-minute time window. EOL gives the test vote immediately, but before the votes are final, the teacher verifies everything and publishes on AlmaEsami the vote actually proposed. If the final vote is sufficient, it will be possible to record it after formal acceptance of the proposed vote. In case of insufficient vote, the minutes will show: Withdrawn. The students who regularly attend the course will have the chance to take an intermediate written exam.

Information on the dates of appeals and venues for trials is available in advance. However, changes may be made even at the last minute due to force majeure. In this regard, too, it is necessary that students register from the beginning of the lectures of Module I to the Distribution List of both modules and stay on the alert. The offices and AlmaEsami are the depositories of this information, and the teachers themselves may be unaware of last hour changes. It is therefore best to always refer to them

 

Teaching tools

For the Module I

In addition to the pre and post class time slots, where programme topics can be reflected or further developed, reception is available by appointment. E-mail is also used for clarification and explanation

For the Module II

In addition to the pre and post class time slots, where programme topics can be reflected or further developed, reception is available by appointment. E-mail is also used for clarification and explanation. Assisted web navigation is particularly useful in order to download on-line references and statistical sources on the relevant topics. The help of librarians is useful to find both basic and specific bibliographical references.

Office hours

See the website of Diego Lanzi