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Macro 13
- 2. Macroeconomics Lecture 13 Inflation and the Quantity Theory of Money Chapter 12
- 3. Questions?
- 4. millions % Population % Adults % Labor Force Population 320 100% Age under 16 66 20% Age 16+ 254 80% 100% Not in Labor Force 94 30% 37% In Labor Force 160 50% 63% 100% Employed 152.3 47.6% 60% 95.2% Unemployed 7.7 2.4% 3% 4.8%
- 5. Problems Overstate - Above actual Cash workers Understate - Below actual Discouraged workers
- 7. Frictional Unemployment Time to find a new job
- 9. Structural Unemployment Too many workers Change in Demand
- 12. What kind of unemployment is caused by smartphones?
- 15. ?
- 17. Unemployment Insurance Government program to provide income when workers become unemployed
- 18. Unemployment Insurance Unintended Consequence Moral Hazard May prolong unemployment
- 19. Minimum Wage Laws Government sets a minimum wage that can legally be paid Price Floor
- 20. $0 $5 $10 $15 $20 0 10 20 30 40 50 60 Supply Demand Wage Workers Equilibrium Wage 30 workers 30 jobs no unemployment Minimum Wage 40 workers 20 jobs 20 unemployed workers Minimum Wage 20 workers get a raise 10 workers lose job 10 new unemployed workers Minimum Wage
- 21. Labor Union Worker association that negotiates with employers over wages, benefits, and conditions
- 22. Labor Union One contract Strike Conflict between workers
- 23. Efficiency Wages Higher wages make more productive employees
- 24. Efficiency Wages Employee Wage Pizzas Productivity Wage per Pizza Bob $10 5 $2.00 Bill $20 12 $1.67
- 25. Efficiency Wages More Healthy Lower Turnover Higher Quality More Effort
- 26. Inflation and the Quantity Theory of Money Chapter 12
- 27. Who wants to be a Trillionaire?
- 35. 2013 $1 = 7 2018 $1 = 25,000
- 37. When you have lines waiting to buy your product, you can do two things: make more, or raise prices