Chapter 9
Wages, Workers, and the Workplace
In This Chapter
• Labor and management relations
• The effect of unions on supply, demand, and wages
• Wages for skilled versus unskilled workers
• The economic effect of discrimination
Steve Martin once said, “All I’ve ever wanted was an honest week’s pay for an honest day’s work.” It is an aspiration that has taken him pretty far. Those of us less fortunate, meaning most of us in the workforce, face the harsher economics of the labor market. This market is unique among all markets because the commodity being bought and sold is a human being’s time, talent, and energy. That may indeed be the case when any product is sold. After all, everything we buy in stores and show-rooms is the product of ...

Get The Complete Idiot's Guide to Economics, 2nd Edition now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.