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  2. Wage curve - Wikipedia

    en.wikipedia.org/wiki/Wage_curve

    The wage curve [1] is the negative relationship between the levels of unemployment and wages that arises when these variables are expressed in local terms. According to David Blanchflower and Andrew Oswald (1994, p. 5), the wage curve summarizes the fact that "A worker who is employed in an area of high unemployment earns less than an identical individual who works in a region with low ...

  3. Labour supply - Wikipedia

    en.wikipedia.org/wiki/Labour_supply

    If the substitution effect is stronger than the income effect then the labour supply slopes upward. If, beyond a certain wage rate, the income effect is stronger than the substitution effect, then the labour supply curve bends backward. Individual labor supply curves can be aggregated to derive the total labour supply of an economy. [1]

  4. Backward bending supply curve of labour - Wikipedia

    en.wikipedia.org/wiki/Backward_bending_supply...

    The labour supply curve shows how changes in real wage rates might affect the number of hours worked by employees.. In economics, a backward-bending supply curve of labour, or backward-bending labour supply curve, is a graphical device showing a situation in which as real (inflation-corrected) wages increase beyond a certain level, people will substitute time previously devoted for paid work ...

  5. David Blanchflower - Wikipedia

    en.wikipedia.org/wiki/David_Blanchflower

    Blanchflower's The Wage Curve (with Andrew Oswald), with eight years of data from 4 million people in 16 countries, argued that the wage curve, which plots wages against unemployment, is negatively sloping, reversing generations of macroeconomic theory. "The Phillips Curve is wrong, it's as fundamental as that," said Blanchflower. [8]

  6. Involuntary unemployment - Wikipedia

    en.wikipedia.org/wiki/Involuntary_unemployment

    In an economy with involuntary unemployment, there is a surplus of labor at the current real wage. [1] This occurs when there is some force that prevents the real wage rate from decreasing to the real wage rate that would equilibrate supply and demand (such as a minimum wage above the market-clearing wage). Structural unemployment is also ...

  7. Labour economics - Wikipedia

    en.wikipedia.org/wiki/Labour_economics

    Likewise, the supply curves of all the individual workers (mentioned above) can be summed to obtain the aggregate supply of labour. These supply and demand curves can be analysed in the same way as any other industry demand and supply curves to determine equilibrium wage and employment levels.

  8. Fei–Ranis model of economic growth - Wikipedia

    en.wikipedia.org/wiki/Fei–Ranis_model_of...

    According to this model, the prime labor supply source of the industrial sector is the agricultural sector, due to redundancy in the agricultural labor force. (B) shows the labor supply curve for the industrial sector S. PP 2 represents the straight line part of the curve and is a measure of the redundant agricultural labor force on a graph ...

  9. Monopsony - Wikipedia

    en.wikipedia.org/wiki/Monopsony

    The employer faces an upward-sloping labour supply curve [2] (as generally contrasted with an infinitely elastic labour supply curve), represented by the S blue curve in the diagram on the right. This curve relates the wage paid, w {\displaystyle w} , to the level of employment, L {\displaystyle L} , and is denoted as an increasing function w ...