This landmark graduate-level text combines depth and breadth of coverage with recent, cutting-edge work in all the major areas of modern labor economics. Labor Economics is the only textbook available for advanced graduate students in the field, and it will be widely used; because of its command of the literature and the freshness of the material included, it will also prove to be a valuable resource for practicing labor economists.
The book moves back and forth between factual data and theoretical reasoning. The space devoted to theory reflects the profound theoretical restructuring in the field that has taken place in the last thirty years; the authors present these developments within a unified pedagogic framework. The teaching methods are based on mathematical models, with the mathematical analyses laid out clearly, and the derivation of most results given in five mathematical appendixes that provide a toolkit for understanding the models.
The book is divided into four parts: "Supply and Demand Behaviors" examines the determinants of labor supply and demand; "Wage Formation" discusses wage determinants, including the influences of the wage policies of firms and collective bargaining; "Unemployment and Inequality" considers these problems in a macroeconomic setting; and "Institutions and Economic Policy" treats labor market policies and the impact of institutions on labor market performance.
About the Authors
Pierre Cahuc is Professor of Economics at École Polytechnique, Director of the Macroeconomic Laboratory at CREST-ENSAE, Program Director at IZA, Research Fellow at CEPR and member of the Council of Economic Analysis of the Prime Minister.
André Zylberberg is Emeritus Research Director at the Centre National de la Recherche Scientifique (CNRS), and member of the Paris School of Economics (PSE).
"This book is an impressive achievement. It offers a uniquely comprehensive, technically in-depth, and up-to-date treatment of modern labor economics suitable for graduate teaching."
—David H. Autor, Department of Economics, MIT
"This book will prove a landmark. The field of labor economics has not yet had a technically oriented text, and this book fills the gap. The scholarship is most impressive, and the authors should be congratulated."
—Paul Ryan, Professor of Labour Economics, King's College, London
"A complete graduate labor text! The theory is current yet absolutely clear, and the links to empirical work explicit. Throughout, the authors stress the relevance of the theory and empirical results for policy questions."
—Daniel S. Hamermesh, Centennial Professor of Economics, University of Texas at Austin
"An encyclopedic, integrated, and thoroughly modern presentation of labor economics, from supply and demand decisions to unemployment to the role and effects of institutions. Topics with which I am familiar have been given a clear, concise, precise, balanced, and convincing treatment. This is an outstanding textbook."
—Olivier Blanchard, Department of Economics, MIT