The economics of labor markets

Markets Economists study trade, production and consumption decisions, such as those that occur in a traditional marketplace. Electronic trading brings together buyers and sellers through an electronic trading platform and network to create virtual market places. Microeconomics examines how entities, forming a market structureinteract within a market to create a market system.

The economics of labor markets

Economic Fluctuations and GrowthLabor Studies As robots and other computer-assisted technologies take over tasks previously performed by labor, there is increasing concern about the future of jobs and wages.

We analyze the effect of the increase in industrial robot usage between and on US local labor markets. Using a model in which robots compete against human labor in the production of different tasks, we show that robots may reduce employment and wages, and that the local labor market effects of robots can be estimated by regressing the change in employment and wages on the exposure to robots in each local labor market—defined from the national penetration of robots into each industry and the local distribution of employment across industries.

Using this approach, we estimate large and robust negative effects of robots on employment and wages across commuting zones. We bolster this evidence by showing that the commuting zones most exposed to robots in the post era do not exhibit any differential trends before The impact of robots is distinct from the impact of imports from China and Mexico, the decline of routine jobs, offshoring, other types of IT capital, and the total capital stock in fact, exposure to robots is only weakly correlated with these other variables.

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According to our estimates, one more robot per thousand workers reduces the employment to population ratio by about 0.Box and Cox () developed the transformation.

Estimation of any Box-Cox parameters is by maximum likelihood. Box and Cox () offered an example in which the data had the form of survival times but the underlying biological structure was of hazard rates, and the transformation identified this.

Robots and Jobs: Evidence from US Labor Markets Daron Acemoglu, Pascual Restrepo. NBER Working Paper No. Issued in March NBER Program(s):Economic Fluctuations and Growth, Labor Studies As robots and other computer-assisted technologies take over tasks previously performed by labor, there is increasing concern about the future of jobs and wages.

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Robots and Jobs: Evidence from US Labor Markets

Read the latest issue. Since , the Journal of Labor Economics (JOLE) has presented international research on issues affecting social and private behavior, and the vetconnexx.com’s contributors investigate various aspects of labor economics, including supply and demand of labor services, personnel economics, distribution.

Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in , the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

Concentration in US Labor Markets: Evidence From Online Vacancy Data José A. Azar, Ioana Marinescu, Marshall I. Steinbaum, Bledi Taska.

NBER Working Paper No. Issued in March , Revised in August Robots and Jobs: Evidence from US Labor Markets Daron Acemoglu, Pascual Restrepo. NBER Working Paper No.

The economics of labor markets

Issued in March NBER Program(s):Economic Fluctuations and Growth, Labor Studies As robots and other computer-assisted technologies take over tasks previously performed by labor, there is increasing .

SparkNotes: Labor Demand: Introduction to Labor Markets