Revised and Updated Labor Supply Chapter: Chapters 2 and 3 have been combined to present the basic theory of labor supply, including both the labor-leisure decision at a point in time as well as the decision of how a person allocates his or her time over time. Presentation of the labor supply discussion has been tightened and shortened into one chapter so that the book doesn't mirror an encyclopedic read to students.
Updated Web Links: Each chapter contains Web Links, guiding students to Web sites that provide additional data or policy discussions.
Updated list of Selected Readings: There is an updated list of Selected Readings that includes both standard references in a particular area and recent applications.
New end-of-chapter problems: The end-of-chapter review questions and problems have been updated, including the addition of at least two new problems per chapter.
New and detailed policy applications: The author has added detailed policy applications in labor economics using evidence reported in state-of-the-art research articles to illustrate the many uses of modern labor economics. Some specific applications included in the Fifth Edition are:
Several new "Theory at Work" boxes. The sidebars now include a discussion of the impact of the military deployment of parents on the human capital of children; the importance of nature and nurture in determining intergenerational correlations in skills; the impact of the terrorist attacks of 9/11 on the earnings of Arabs and Muslims employed in the United States; and the role of gender differences in labor market competition.
An application of the theory of mandated benefits to health insurance.
A discussion of the labor market impact of employer sanctions that can be imposed when a firm hires unauthorized workers.
An updating of the material on immigration, including an analysis of labor flows into and out of Puerto Rico.
A new section discussing how labor markets adjust to the costly disruption caused by severe hurricanes.
An extension of the theory of compensating differentials to examine why different firms choose to offer different wage-amenities packages to their workers.
A discussion of how the outcomes of union representation elections influence the stock market value of firms.
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