第18章 生产要素市场 曼昆经济学原理第七版

1,.,TheMarketsfortheFactorsofProduction,2,.,FactorsofProduction,FactorsofproductionInputsusedtoproducegoodsandservicesLaborLandCapitalDemandforafactorofproductionDeriveddemandFromfirmsdecisiontosupplyagoodinanothermarket,3,.,TheDemandforLabor,LabormarketGovernedbysupplyanddemandLabordemandDeriveddemandLaborservices=inputsintotheproductionofothergoods,4,.,Figure1,TheVersatilityofSupplyandDemand,Thebasictoolsofsupplyanddemandapplytogoodsandtolaborservices.Panel(a)showshowthesupplyanddemandforapplesdeterminethepriceofapples.Panel(b)showshowthesupplyanddemandforapplepickersdeterminethewageofapplepickers.,(a)Themarketforapples,(b)Themarketforapplepickers,5,.,TheDemandforLabor,AssumptionsforthecompetitivefirmFirmiscompetitiveinbothmarketsForgoodsandforlaborPricetakerPaythemarketwageGetthemarketpriceforgoodsDecideQuantityofgoodstosellQuantityoflabortohireFirmisprofit-maximizing,6,.,TheDemandforLabor,ProductionfunctionRelationshipbetweenthequantityofinputsusedtomakeagoodAndthequantityofoutputofthatgoodBecomesflatterasthequantityofinputincreases,7,.,TheDemandforLabor,Marginalproductoflabor(MPL)IncreaseintheamountofoutputFromanadditionalunitoflaborDiminishingmarginalproductThemarginalproductofaninputdeclinesAsthequantityoftheinputincreasesExplainstheshapeoftheproductionfunction,8,.,Table1,HowtheCompetitiveFirmDecidesHowMuchLabortoHire,9,.,Figure2,TheProductionFunction,Theproductionfunctionshowshowaninputintoproduction(applepickers)influencestheoutputfromproduction(apples).Asthequantityoftheinputincreases,theproductionfunctiongetsflatter,reflectingthepropertyofdiminishingmarginalproduct.,10,.,TheDemandforLabor,Valueofthemarginalproductoflabor(VMPL)MarginalproductoflabortimesthepriceoftheoutputMarginalrevenueproductAdditionalrevenuefromhiringoneadditionalunitoflaborDiminishesasthenumberofworkersrises,11,.,Figure3,TheValueoftheMarginalProductofLabor,Thisfigureshowshowthevalueofthemarginalproduct(themarginalproducttimesthepriceoftheoutput)dependsonthenumberofworkers.Thecurveslopesdownwardbecauseofdiminishingmarginalproduct.Foracompetitive,profit-maximizingfirm,thisvalue-of-marginal-productcurveisalsothefirmslabor-demandcurve.,12,.,TheDemandforLabor,Competitive,profit-maximizingfirmHiresworkersuptothepointwherethevalueofthemarginalproductoflabor=wageThevalue-of-marginal-productcurveIsthelabor-demandcurveLabor-demandcurveReflectsthevalueofmarginalproductoflabor,13,.,TheDemandforLabor,Shiftinthelabor-demandcurveChangeintheoutputpriceDemandforlabor:VMPL=MPLPofoutputTechnologicalchangeTechnologicaladvanceCanraiseMPL:increasedemandforlaborLabor-savingtechnologyCanreduceMPL:decreasedemandforlaborSupplyofotherfactorsAffectmarginalproductofotherfactor,14,.,TheSupplyofLabor,Trade-offWorkvs.leisureLabor-supplycurveReflectshowworkersdecisionsaboutthelabor-leisuretrade-offRespondtoachangeinopportunitycostofleisure,“Ireallydidntenjoyworkingfivedaysaweek,fiftyweeksayearforfortyyears,butIneededthemoney.”,15,.,TheSupplyofLabor,Shiftinthelabor-supplycurveChangesintastesChangeinattitudetowardworkChangesinalternativeopportunitiesOpportunitiesavailableinotherlabormarketsImmigrationMovementofworkersfromregiontoregionorcountrytocountry,16,.,EquilibriumintheLaborMarket,WagesincompetitivelabormarketsAdjuststobalancethesupply&demandforlaborEqualsthevalueofthemarginalproductoflaborChangesinsupplyordemandforlaborChangetheequilibriumwageChangethevalueofthemarginalproductbythesameamount,17,.,Figure4,EquilibriuminaLaborMarket,Likeallprices,thepriceoflabor(thewage)dependsonsupplyanddemand.Becausethedemandcurvereflectsthevalueofthemarginalproductoflabor,inequilibriumworkersreceivethevalueoftheirmarginalcontributiontotheproductionofgoodsandservices.,18,.,EquilibriumintheLaborMarket,IncreaseinsupplyDecreaseinwageLowermarginalproductoflaborLowervalueofmarginalproductoflaborHigheremployment,19,.,Figure5,AShiftinLaborSupply,WhenlaborsupplyincreasesfromS1toS2,perhapsbecauseofanimmigrationofnewworkers,theequilibriumwagefallsfromW1toW2.Atthislowerwage,firmshiremorelabor,soemploymentrisesfromL1toL2.Thechangeinthewagereflectsachangeinthevalueofthemarginalproductoflabor:Withmoreworkers,theaddedoutputfromanextraworkerissmaller.,20,.,EquilibriumintheLaborMarket,IncreaseindemandHigherwageNochangeinmarginalproductoflaborHighervalueofmarginalproductoflaborHigheremployment,21,.,Figure6,AShiftinLaborDemand,WhenlabordemandincreasesfromD1toD2,perhapsbecauseofanincreaseinthepriceofthefirmsoutput,theequilibriumwagerisesfromW1toW2,andemploymentrisesfromL1toL2.Thechangeinthewagereflectsachangeinthevalueofthemarginalproductoflabor:Withahigheroutputprice,theaddedoutputfromanextraworkerismorevaluable.,22,.,Productivityandwages,StandardoflivingDependsonourabilitytoproducegoodsandservicesWages=productivityAsmeasuredbythevalueofthemarginalproductoflaborHighlyproductiveworkersarehighlypaidLessproductiveworkersarelesshighlypaid,23,.,Productivityandwages,WorkerstodayArebetteroffthanworkersinpreviousgenerationsProductivityrealwagesgrowth1959to2012Productivity(outputperhourofwork)Grewabout2.1%peryearRealwages(wagesadjustedforinflation)Grewat1.8%peryearProductivity&realwagesdoubleevery35years,24,.,Productivityandwages,Productivityrealwagesgrowth19731995:significantslowdowninproductivitygrowth(from2.8to1.4%)Slowdowninrealwagegrowth:from2.8to1.2%19952012:productivitygrowth=2.3%peryearRealwagesgrewby1.9%peryear,25,.,Table2,ProductivityandWageGrowthintheUnitedStates,Source:BureauofLaborStatistics.Growthinproductivityismeasuredhereastheannualizedrateofchangeinoutputperhourinthenonfarmbusinesssector.Growthinrealwagesismeasuredastheannualizedchangeincompensationperhourinthenonfarmbusinesssectordividedbytheimplicitpricedeflatorforthatsector.Theseproductivitydatameasureaverageproductivitythequantityofoutputdividedbythequantityoflaborratherthanmarginalproductivity,butaverageandmarginalproductivityarethoughttomovecloselytogether.,26,.,LandandCapital,CapitalEquipmentandstructuresusedtoproducegoodsandservicesEquilibriumPurchasepricePriceapersonpaystoownthatfactorofproductionindefinitelyRentalpricePriceapersonpaystousethatfactorforalimitedperiodoftime,27,.,Equilibrium:LandandCapital,WageRentalpriceoflaborRentalpriceofland&capitalDeterminedbysupplyanddemandDemandderiveddemandReflectsmarginalproductivityofthefactorEachfactorsrentalpriceValueofmarginalproductforthefactor,28,.,Figure7,TheMarketsforLandandCapital,Supplyanddemanddeterminethecompensationpaidtotheownersofland,asshowninpanel(a),andthecompensationpaidtotheownersofcapital,asshowninpanel(b).Thedemandforeachfactor,inturn,dependsonthevalueofthemarginalproductofthatfactor.,(a)Themarketforland,(b)Themarketforcapital,29,.,Equilibrium:LandandCapital,EquilibriumpurchasepricedependsonCurrentvalueofthemarginalproductValueofthemarginalproductexpectedtoprevailinthefuture,30,.,LandandCapital,LinkagesamongthefactorsofproductionPricepaidtoanyfactorofproduction=ValueofthemarginalproductofthatfactorMarginalproductofanyfactordependsonQuantityofthatfactorthatisavailableDimin