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Interested Faculty: Melissa Binder,
Philip
Ganderton, Richard Santos
What is labor economics?
Labor economics applies the theory and tools of economics to describe the
characteristics and investigate the problems of the market for labor. In
particular, labor economics analyzes the demand (employer or firm) and
supply
(employee) sides of the market to gain a deeper understanding of the effects of
private decisions and various government programs targeted at the labor market.
For example, labor economics can answer the following questions: Why do
individuals with a college education earn more than high school graduates? Are
anti-discrimination laws necessary and effective in the United States? How do
employers respond to government mandated benefits such as those provided by the
Family and Medical Leave Act? What are the effects of welfare programs on
individuals' work, marriage, and fertility decisions?
Labor economics is largely an empirical discipline, and labor economists
spend
much of their time analyzing detailed micro-data on individuals (containing
economic and socio-demographic characteristics such as education, occupation,
wages, labor supply, marital status, and migration information) and firms
(containing characteristics such as employee demographics, compensation policies,
union and collective bargaining status, and training investments). In
fact, as
described by Richard Freeman in The New Palgrave: A Dictionary of
Economics (Macmillan, 1987), "[i]t is the interplay of detailed micro data
and economic analysis which currently is the hallmark of the field,
differentiating it from more abstract theoretical and less factually based parts
of the discipline."
Research interests of UNM faculty specializing in labor economics.
Melissa Binder: Economic
incentives and schooling, economics of the family in Mexico and the United
States, including decisions involving the schooling and labor force participation
of children and the allocation of time and resources among family members.
Philip Ganderton: Investments in education
by families, school to work transition, working while studying, New Mexico state
lottery scholarships for college education, educational plans and actual attainment,
attendance patterns - stopping out, dropping out and completion.
Richard Santos: Economic well-being of Hispanic workers, educational
attainment and training of young workers, low-wage workers, collective
bargaining, health insurance, pensions, and other fringe benefits coverage.
Current research trends in labor economics.
Research in labor economics covers a wide range of topics in addition to those
mentioned above. For example, in the area of family economics (or economic
demography), one can use household bargaining models to help explain divorce
settlements and child support awards. In addition, the recent concern over the
quality of U.S. schools has spawned much research into the effects of teacher
salaries, class size, and per pupil expenditures on student outcomes such as
grades and graduation rates. The ongoing Congressional debate over health care
and social security reform would benefit greatly by studying the economics of
health and the aging population. And many researchers are now looking to
natural
experiments - instances in which we can observe the behavior of "treatment" and
"control" groups due to institutional quirks or changes in government policy,
rather than by performing an actual experiment - in order to solve research
questions such as the effect of increasing the minimum wage on low-wage
employment to the effect of mandated maternity leave on the demand for
female employees.
What can I do with a degree in economics, specializing in labor
economics?
A bachelor's degree in economics will help prepare you for a career in a wide
range of industries including manufacturing, financial services, advertising,
research and consulting firms, law, public policy, and all levels of government.
With a background in labor economics, you would be particularly suited for a
career in human resource management or collective bargaining. Earning a Master's
degree or Ph.D. in labor economics will open the door to more
opportunities. For
example, you could become a researcher in a private or non-profit organization
(for example, Mathematica Policy Research, Inc., Urban Institute, Institute for
Women's Policy Research) which examines policy issues like welfare reform and
social security reform. You could build a career in a variety of government
agencies like the Bureau of Labor Statistics, the U.S. Bureau of the Census, the
Department of Education, or the Social Security Administration. Many consulting
firms require a higher degree for advancement to the top levels in the
organization. Finally, with a Ph.D. you could become a college professor and
teach the future generation of economists.
Courses in labor economics at UNM.
At the undergraduate level, a variety of interesting courses in labor
economics
are available:
- Labor economics (320)
- Economics of race and gender (239)
- Economics of poverty and discrimination (331)
- Health economics (335)
- Topics in health economics (410)
- Topics in labor economics (427)
Course Descriptions
At the graduate level, we offer three courses in labor economics:
- Labor Economics (520)
- Comparative Labor Problems (521)
- Selected Groups in the Work Force (522)
Course Descriptions
Links of interest to labor economists.
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The University of New Mexico