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Terms in this set (4)
Labor share of income perfectly competitive
looks like 1-r lol
1. w=MPL : perfect competition
2. wL/Y = labor share of income
Labor share of income monopsonist
monoposinist chooses L to maximize income - wL (profits)
1. profit equation derivative = 0
2. plug L into wf
Card and Krueger 1994
on minimum wage
The treatment group was restaurant workers in New Jersey. The control group was restaurant workers in Pennsylvania. The argument was that New Jersey and Pennsylvania share a border, and the restaurant workers in the two groups were therefore very close in geographic location as well as industry.
find that the minimum wage had no negative effect on employment, and even increased employment slightly.
Hoynes and Rothstein
on transfer programs
The model we have used is static, does not have a notion of saving or borrowing, and does not capture risk or risk aversion. So, for instance, there is not sense in which the UBI gives people a feeling of "safety," even though some claim it does so in reality.
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