module specification

This module enables students to acquire a systematic knowledge and understanding of economic theory, applications, current issues, policies and empirical evidence in the labour market.

It develops the ability to think independently about labour market issues; apply economic principles and analysis in a variety of contexts in the labour market, business and government and drawing on the models and tools developed.

It examines a wide range of labour market challenges such worker recruitment, retention, pay, reward, wage differentials, income inequality, gender and race pay gaps, unemployment and trade unions,

It instils an appreciation of the economic dimension of wider social, political, national and international human resource issues.

In this module, equality is promoted by treating everyone with equal dignity and worth, while also raising aspirations and supporting achievement for those students with diverse requirements, entitlements and backgrounds

Students are encouraged to reflect and draw on their diverse socio-cultural
backgrounds and educational and work experiences.

A range of transferrable and subject specific skills are developed, in particular: self- assessment and reflection; written and oral communication; subject research; review and evaluation of available literature and evidence; data and quantitative analysis; critical thinking; thinking independently and problem solving.

Personnel economics: examination of different labour market contracts and compensation methods, worker motivation and effort, cooperation and competition, retention, promotion, worker compensation including bonuses, and analysis of recent empirical evidence in the UK and US.

Wage distribution: analysis of wage and income inequality with reference to the impact of human capital, skill-biased technological change, globalisation, trade unions and the government’s welfare and taxation policies.

Labour market discrimination: gender and race discrimination in the UK and EU, pay gaps, occupational segregation, anti-discrimination legislation with reference to the UK and EU.

Unemployment: definition, measurement, theory, evidence, and policy discussion, analysis of recent trend in unemployment in the UK and factors influencing it.

Trade unions: analysis of recent trends in trade union membership, composition and power in the UK and US, impact on labour market outcomes including pay, strike action and economic performance.

LO1, LO2, and LO3

Students’ learning is organised around formal direct contact time with the teaching team, and reflective independent learning. Student formal contact time is normally 3 hours per week consisting of 2 hour lectures and 1 hour seminars. Lectures are interactive and deliver core subject knowledge, theory and analysis in labour market economics. Seminars are student centred and emphasise student learning through discussion, solving economic problems, presentation of journal articles and formative feedback.

Individual presentations of journal articles will enable students to review and discuss labour market issues and problems faced by organisations, government policy interventions, and distributional and ethical issues.

Students are expected to complement the 'formal' learning activity with independent reading, engaging with research published in academic journals, participating in class discussions, solving set problems and preparing for coursework.

Professional and transferable skills are developed in lectures and seminars, and through independent directed learning and assessment. Skills development is enhanced through working cooperatively solving economic problems and discussion of journal articles.

The virtual learning environment platform (WebLearn), supports relevant module learning and teaching materials such as lecture slides, seminar questions, coursework brief, assessment and grading criteria, feedback arrangements, module handbook, journal articles and links to online resources.

On successful completion of this module students will be able to:

1. Demonstrate an in-depth understanding of theories, issues, problems and policies in economics of human resources
2. Apply economic reasoning in a critical manner to areas such as trade unions, personnel economics, reward systems, wage differentials, income inequality, gender and race pay gaps and unemployment.
3. Examine, provide evidence and evaluate qualitative and quantitative data to understand and critically evaluate a wide range of labour market issues.

Core Textbook:

Borjas, G. (2020). Labour economics, 8th Ed., New York, McGraw-Hill. 
    [Hard copies available at 331 BOR]

Ehrenberg, R.G. and Smith, R.S. (2017). Modern labour economics: theory and
    public policy,13th Ed., Abingdon, Oxon, Routledge.
   [This is an E-book. Hard copies are available at 331 HER]

Additional Textbooks and Reading:

Boeri, Tito and Jan Van Ours (2013). The economics of imperfect labour market, 2nd
    ed., Princeton, Princeton University Press.  [This is an E-book. Hard copies available at
    331.12 BOE]

Lazear, E. P. (2007). Personnel economics for managers, 2nd Edition, Pearson
    Education, Ch.6, 7. [Hard copies are available at 658.3 LAZ]

Layard, R., Nickell, S. and Jackman, R. (2005). Unemployment, macroeconomic
    performance and the labour market, 2nd Ed., Oxford, Oxford University Press.
    [Hard copies are available at 331.137 LAY]

McConnel, C.R., Brue, S.L. and Macpherson, D. (2016). Contemporary labour
    economics, 11th Ed., Dubuque, Iowa, McGraw. Hill Education. [Hard copies are 
   available at 331 MCC]