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Labor market monopsony and the minimum wage (+ public job guarantee)
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This video lays out a microeconomic theory* analysis of the minimum wage in a monopsony market (i.e. single buyer, in this case single employer), which more closely resembles modern labor markets than the typically used model of perfect competition.
It also briefly explains how a public job guarantee fits into the picture.
00:00:00 Motivation
00:00:42 Supply and demand in the market for labor
00:01:54 Competitive market equilibrium
00:02:50 Monopsony market
00:05:01 Minimum wage in a monopsony market
00:05:38 Job guarantee
It also briefly explains how a public job guarantee fits into the picture.
00:00:00 Motivation
00:00:42 Supply and demand in the market for labor
00:01:54 Competitive market equilibrium
00:02:50 Monopsony market
00:05:01 Minimum wage in a monopsony market
00:05:38 Job guarantee