03977 - Labour Economics

Learning outcomes

The student is expected to achieve the knowledge of the main analytical models of labour supply and demand, the human capital development processes, and analytical toolsto understand labour market dynamics, macroeconomics of labor markets and the effects of macroeconomic policies

Course contents

The aim of the course is twofold. On the one hand, it aims to provide a full overview of the main analytical tools of labour economics at both microeconomic and macroeconomic levels. On the other hand, the course seeks to emphasize the complexity of the discipline often leading to conflicting approaches, due both tothe different emphasis associated to relevant issues and to the different analytical methods respectively adopted. Thus, in addition to partial equilibrium analysis, referring to a 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 program will be divided into five parts.



Part I: Labour supply and demand

1. Labour demand: the hiring and firing decisions made by firms
2. Labour supply in the short term: how many workers choose to enter the labour market and how many hours they are willing to work.



Part II: Labour markets

1. Competitive labour markets
2. Non competitive labour markets
3. Labour markets structure



Part III: Macroeconomics of labor markets

Unemployment, inflation, aggregate demand. The neo-classical model
Unemployment, inflation, aggregate demand. The Keynesian model
Inflation, bargaining, aggregate supply. The model of Friedman and New Classical Macroeconomics
Inflation, bargaining, aggregate supply. New Keynesian macroeconomics and non competitive markets



Part IV: Economics of education and human capital

1. Long-term labour supply. The human capital theory.
2. Economics of education. Main reference models.
3. Education supply. Efficiency and effectiveness assessment.
4. The overeducation phenomenon



Part V: Work organization in the firm

1. Internal labor markets
2. Institutional firm models in Labour Economics: Firm A and Firm J
3. Human resource management and new organizational practices.
4. Firm-provided training

Special topics

According to the aims of Asian languages, markets and cultures degree programme, seminars on the following specific issues will be held, possibly with the participation of foreign teachers and / or experts in the field:

1. Work organization in Japan: toyotism.

2. Labour markets in China

3. Labour markets in the Middle East

Readings/Bibliography

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

Single chapters associated to the different parts of the programme are herebelow listed.

Parte I: Labour demand and supply

Antonelli G. e Guidetti G., Economia del lavoro e delle risorse umane, Torino, Utet, 2008. (Chapters 1, 2).

Alternatively students may use the following textbook.

Borjas G.J., Labor Economics, New York, McGraw-Hill, 2010 (Chapters 2, 3).

Parte II: Labour markets

Antonelli G. e Guidetti G., Economia del lavoro e delle risorse umane, Torino, Utet, 2008. (Chapters 4, 5).

Alternatively students may use the following textbook.

Borjas G.J., Labor Economics, New York, McGraw-Hill, 2010 (Capp. 4, 5.1, 5.2, 5.3, 5.4, 5.6, 5.7, 5.8, 10);

Parte III: Macroeconomics of labour markets

G. Antonelli e G. Guidetti, Economia del lavoro e delle risorse umane, Torino, Utet, 2008. (Chapters 8, 9).

Alternatively students may use the following textbook.

Carlin W. e Soskice D., Macroeconomia, Bologna, Clueb, 1992 (Chapters 6, 7, 8).

Parte IV: Economics of education and human capital

Antonelli G. e Guidetti G., Economia del lavoro e delle risorse umane, Torino, Utet, 2008. (Chapter 3).

Alternatively students may use the following textbook.

Borjas G.J., Labor Economics, New York, McGraw-Hill, 2010 (Cap. 6)

Parte V: Work organization in the firm

Antonelli G. e Guidetti G., Economia del lavoro e delle risorse umane, Torino, Utet, 2008. (Chapter 6-7).

Coriat B., Ripensare l'organizzazione del lavoro. Concetti e prassi del modello giapponese (trad. it.), Bari, Dedalo, 1993 (capp. 1 e 2).

Specific readings will be suggested during the course as either additional or replacing bibliographic references.

The help of librarians is useful to find both basic and specific bibliographical references

Recommended courses to attend prior to starting this one

Those students who either did not attend Economics or they did not succesfully taken that exam are invited to carefully read the following textbook before the course:

Antonelli G., Cainelli G., De Liso N., Leoncini R. Montresor S. (2009), Economia, Giappichelli Editore, Torino. Chapter 8.

Teaching methods

Direct lectures and seminars supported by tutorials and collective discussions of case-studies.

During office hours the teacher will be at disposal to explain and deepen the course contents.

Assessment methods

The examination will consist of a written exam, passing which (with a minimum of 18 out of 30) students will have to take an oral exam.

The students who regularly attend the course have the chance to take an exam at the end of the course, passing which they will have the possibility to directly take the oral exam in the immediately following session ("appello").

The students who regularly attend will also have the opportunity to present short essays on specific topics in order to integrate the oral examination

Teaching tools

Direct lectures will be supported by Power Point Presentation.

Assisted web navigation will be carried on in order to retrieve on-line references and statistical sources on relevant topics.

Office hours

See the website of Giulio Pedrini