Enhancing Employability in Marketing Assignment

Enhancing Employability in Marketing - Assignment Example Particularly, the banking and finance industry has witnessed this and there is since a vacancy hence the need to employ more marketers and advertisers in London as its the country’s hub. Financial services, professional services, not-for-profit and media are hiring the majority of marketers in London (Anderson & Marsh, 2011). Also, another current trend worth taking note of in the marketing and advertising industry in the U.K is high demand for digital marketers. Technology has revolutionized the traditional way of doing business. Companies are now hiring personnel who can compete globally and those who are techno-savvy. For example, online marketing is a tool used by most companies that want to gain a global audience. This therefore means that there will be a very high demand for digital marketers who can use various online methods as channels of communication. Another significant trend in this industry is demand for marketers driven by regional specific industries. Each region in the U.K has a specialized marketing need. They will therefore hire marketers who they think will be most appropriate for those various needs. An example would be Leeds is dominated by retail, financial and professional services; Sheffield by manufacturing and public sector; Greater Manchester has a diverse mix of industry, com merce, public sector, as well as dominating the creative agency sector outside of London. The location of the port cities of Liverpool and Newcastle mean they operate almost as separate economies in their own right. This means that the demand for marketers will vary greatly and will definitely depend on the demand and supply rule otherwise known as Adams invisible hand theory. (CBI employability report 2010). Finally, the industry has also experienced a high turnover in the fast moving consumer goods sector.

Teenage Internet Dependency Essay Example for Free

Teenage Internet Dependency Essay Teenagers are too Dependent on the Internet As the internet has become very popular among teenagers over the past few years, there have been many social impacts affecting the stakeholders of the issue. Teenagers use the internet for various reasons: to do research for homework or a project, to socialize with friends, and to keep up with the latest movies, music, and video games. The internet allows teens to be receptive to many resources that would not be available to them without the internet. Although some aspects of teens using the internet may be favorable and beneficial, many are causing laziness and under-developed social skills. The other stakeholders of the issue are the parents and teachers of these students. Parents are concerned that their children may be being stalked or predated and feel as if their children are becoming more distant from their family because of the significant amount they are spending on the internet. Teachers also must deal with their students having the resources to cheat by using the internet to give them the answers. The growing teenage dependency on the internet has both a negative and positive impact on the world. Some people may say that teens are not too dependent on the internet. Teenagers use to internet to complete homework, projects, and study for tests because of all the resources available. The internet provides a large collection of online books, newspapers, and magazines, allowing the teenage students to gain more knowledge about their school work and save them time. For example, when a student has an exceptional amount of homework and does not have enough time to complete his reading for that night, the website SparkNotes provides summaries, characterizations, and other important literary devices that allow the student to understand the novel when short of time. Another way that teens are not too dependent on the internet is seen through the social interactions they are able to make via social networking sites such as MySpace and Facebook. These sites allow teenagers to keep in touch with their fellow classmates and friends in a quick and easy way. They also allow students to share their personal lives with people they otherwise would not interact with, allowing them to make more friends and develop better relationships. For example, a teenager can create a whole new personality through the internet, giving him more confidence and a higher self esteem due to the positive reactions they are receiving through other internet users. The reasons for teens not being too dependent on the internet, allowing them more resources for school and more opportunities to interact socially with friends and peers, are not strong enough to override the reasons as to why teenagers are too dependent on the internet. This is because students have several other facilities that provide them with sufficient information, such as the library, museums, and bookstores. Teens also may be able to more easily communicate with friends through the use of social networking sites and resulting in higher confidence, although, this affects the way teens interact with other people because they can be totally different people via the internet. Teenagers are too dependent on the internet. It allows them to become easily distracted from their work, and lessens their face-to-face social skills. As a student may have the original intention of finishing his homework on the computer, the temptations to log on to MySpace or Facebook are too high, therefore the student visits those sites instead, causing them to deviate from their work. This causes more teens to get behind in school because of their lack of effort due to the internet’s capabilities. For example, a student may tell his parents he is using the computer to work on homework, but rather he is using it to communicate with his friends through a social networking site or online video game; this slows down the student’s work ethic because of the distractions it provides. Another reason that students are too dependent on the internet relates to physical appearance and self-esteem. There are many different sites on the internet that provide teens with information regarding dangerous groups and activities. For example, if a girl has anorexia, she is able to access online forums for anorexics that encourages dangerous behavior that harms the human body. For these two main reasons, teenagers are too dependent on the internet. The stakeholders of the issue, regarding whether or not teenagers are too dependent on the internet, allow one to examine the advantages and disadvantages of increasing internet use. The stakeholders’ reactions are more against teens using the internet so excessively than they are in favor of teens using the internet. Since more teens are becoming more dependent on the internet, they are putting themselves in harm’s way of predators and health/mental issues, they are distancing themselves from their families, and they are becoming more accustomed to communicating with their friends through social networking sites rather than face-to-face contact. The reasons supporting the idea that teens are not too dependent on the internet offer other options to teens using the internet, weakening the argument. Therefore, teenagers are too dependent on the internet.

Performance Management In Lloyds Banking Group Management Essay

Performance Management In Lloyds Banking Group Management Essay Corporations organisations look for individuals with potential techniques to develop their management skills, who in current market conditions are facing many challenges to gain skills, qualification, qualities competencies that would make them better leaders managers. Both organisations individuals looks to make investment that can get the best return. One way to achieve this is through the Management Development Program that seeks to set out the purpose of management development by considering what managers do in various contexts, and how they learn. As per Cannell. M (2008) Management development is a process through which individuals gain managerial skills through learning in turn helping themselves organisations. Management Development is an important aspect in an organisation as in house development gives employee a chance to utilize or develop their skills, make them feel loyal to the company and saves cost in the long term. Growing management talent means increased effi ciency profitability for organisations. [www.cipd.co.uk] Value of Management Development (MD) As per Mumford, A and Gold, J (2004) MD is valued as it has to be linked determined by the business needs as per strategic plans and also provide inputs to strategic plans. This top down approach can be contrasted with the one that lays emphasis on the way managers learn develop through actual opportunities. (Garavan et al, 1999; p.193) In relation to MD, a key consideration for many organisations is to show the improvements in performance of managers leading to success of organisation. Effective Management Development As per Mumford (1993) Management Development is an attempt to improve managerial effectiveness through a learning process. Effective Management Behaviour Development Focused on Effective Learning Effectiveness Process The purpose of this effectiveness triangle is that management development is not only focused on development or learning processes but these directly affect the management behaviour. John Kotter (1982) described effective behaviour as building networks for colleagues, executing by working and developing multiple objectives and maintaining relationships spending time with other people to achieve those objectives. This can then help managers to assess their development needs based on the meaning of effectiveness that is important to them or organisations. This then looks at the activities that are carried out by managers, meet their requirements to carry out their work, leading us to the second point of triangle which looks at the needs depending on the desired results from managers and action to achieve those results. The organisation then looks at the needs for learning and development depending on the processes through which those needs can be met effectively to help individual/org anisation. Measuring MD through Management Development Audit (MDA): MDA is a tool for organisations to find out what managers want, how they feel about what they are getting is management development effective, adding value and in line with organisation requirements and goals. MDA is a continuous activity of gaining a broader view of management development needs, assessing its value controlling costs in constantly changing environment. for e.g. in Lloyds banking group there is a Group Operations team which deal with gathering of data by means of interview, surveys, observations documentation. They look after the needs for management development and perform assessment gathering data on individual request and offer relevant courses that can be done online or class-room based to develop required skills and measure those in line with the organisation goals or achievements. Approaches to Management Development (MD): As per Mumford, A and Gold, J (2004) Organisations have different approaches towards management development, the four stages of management development in any organisations are: Unplanned experimental Management Development: This informal approach is based on learning by practical experience while working/experimenting things and situations. In past individuals were promoted based on the product knowledge they possessed regarding an organisation who had little training about supervision, e.g., about delegating, interpersonal skills, stress management, career developments, etc. Unplanned reactive Management Development: This approach is based on immediate situation or pressure. for e.g. the survey of IFA satisfaction report shows dissatisfaction, requires raising awareness or doing courses in respect to those skills. Another example is handling change in difficult situation, where companies like LBG have brought effectiveness by reducing costs. Planned Management Development: This approach is based on planned structured procedure of an organisation where appraisals, performance reviews identify the needs of development. for e.g. Formal Development/learning, a job change will identify the skills possessed required to do the particular job, which will identify the needs of development. An individual with expertise across various management topics is an effective manager. Effective management gives systems view of an organisation, reviewing how major functions affect each other. Strategic Management Development: This approach looks at the longer term issues with the management development for e.g. the development of managers required to handle mergers acquisition over the coming years. Organisations respond to the environmental changes such as customer demands, globalisation and technological changes, here MD could prove to be vital in acting as a tool to achieve implement the strategy and business performance for e.g. The EFQM Model. [www.efqm.org] Learning Development at Lloyds Banking Group There are quite a few different definitions of learning. The one provided by Kolb (1984), has been of particular importance in MD. Learning is the process whereby knowledge is created through the transformation of experience. The definition has further two implications, firstly if managers have achieved knowledge, skills and/or insight, learning is an end result or outcome. Secondly, to achieve an end result requires a process by which mangers acquire knowledge, skills or insight. As per Pedler and Boydell (1985) learning was more concerned with increase in knowledge or a higher degree of an existing skills, whereas development was, in their view a move towards a different state of being or functioning. At LBG, executives are committed to the development of every colleague, including themselves, so as one team the organisation is well-positioned to deliver against the strategic priorities. Learning at LBG is as follows: Your Learning web portal available for all colleagues to manage learning activities online. Effective Performance Management Leadership Management at Glance [Lloyds Banking Group Internal Database] Performance Management in Lloyds Banking Group Holbeche (1999) refers Performance Management is about setting clear and measurable objectives, taking time to regularly monitor performance, having open and honest conversations and coaching colleagues on their performance and development. Organisation like Lloyds banking group concentrates more on their performance management which is a key driver to keep track of improvements, skills achievements. Effective Performance Management to LBG means that colleagues are clear about what needs to be done and this is communicated in regular conversations throughout the year. These conversations may be formal, for example 1-2-1 meetings or annual reviews, or informal, such as quick chats with managers. Staff can also discuss their performance with colleagues other than line managers, such as peers or colleagues whom they work regularly with. These reviews provide an opportunity for colleagues and managers to identify any areas of improvement or development required, where colleagues have th e capacity to stretch themselves in their role. LBG performance management comprises of five elements as shown in the figure below: 1 Effective Performance Conversations Across the whole Business we act As one 5 Clear Simple Actions for 2 Clear, Consistent and For Development and Aligned Objectives Improvements 4 Effective Differentiation 3 Performance Ratings Based of Performance on Overall Contributions [Lloyds Banking Group Internal Database] Effective Performance Conversations (EPC) As per London and Smither, (1995), the purpose of EPC is to enable an improved understanding amongst managers and employees. Managers strengths or weaknesses could be recognised via staff feedback, thus needs for development are recognised where MD can play important role. EPC could be of any form between staff, managers or colleagues; like informal chats about the aspirations frustrations or a formal chat regarding a particular objective its achievement progress. EPC should be conducted regularly so they form an integral part of the daily activities. One of the major drawbacks for EPC is, can mangers take criticism in a positive manner or would they act defensively. As per Meyer et al, (1965) research suggested that it is a very sensitive issue and the key findings from a research carried out onto the impact of feedback on managers during performance appraisals was that, the more criticism a manager received the more defensively they reacted by denying shortcomings and blaming others. It was further found that criticism continued to negatively affect performance after reviews. [Lloyds Banking Group Internal Database] Clear, Consistent and Aligned Objective LBG (Lloyds Banking Group) objectives ensure that the deliverables are aligned with overall objectives of business where all employees actively work and contribute to deliver the organisational strategic goals by appropriate approach. LBG uses Balanced Scorecard approach for clear, consistent aligned objectives. The Balanced Scorecard: The balanced scorecard approach focuses on the clarity of organisations overall business strategy and objectives and the will to work towards them as per Kaplan and Nortons (2001, p52). LBG focuses its development activities on the whole of its workforce because of the importance of high quality customer service. In seeking to develop the talent and capability that are key to its future growth, it is interested in mapping the skills and attitudes of employees at all levels. Balanced scorecards are set at the beginning of each year and have structured objectives with clear metrics, covering five categories. Each category represents elements essential for long term growth and success. Every colleague will have their own balanced scorecard and the content should be appropriate to their role. This means that every scorecard supports individual, team and organisational objectives. The use of balanced scorecard in LBG is to support delivery of business objectives and values in the context of prudent risk management, and ensure that all colleagues work together to achieve this outcome. [Lloyds Banking Group Internal Database] Effective Differentiation of Performance (EDP) LBG staff is distinguished through their performance and thus recognises those individuals who would require more support for better performance. This would imply that ratings are fairly and consistently applied throughout the organisation. Peer Comparison Approach for EDP: LBG uses peer comparison as a technique to differentiate performance. In particular, it helps to ensure that the performance ratings provided are fair and accurate reflection of colleagues performance in relation to the rest of the organisation. For example, it helps prevent one colleague from receiving the same performance rating as another when the evidence shows that they have contributed less during the year. As part of regular reviews, line manager will consider staff performance in relation to their peer group. This could be members of team at the same level, or other colleagues performing a similar role at the same level in another part of the organisation. Bettenhausen and Fedor (1997) found that peer comparison was viewed positively when used for development but negatively when used for evaluation. For example, because managers often have to work closely and associated with other managers, their peers, they tend to give positive feedback bec ause they do not wish to disturb the relationship or damage careers. Peers may require making comparisons between individuals, and this may harm the working of team. Clear Simple Actions for Development Improvements Colleagues should constantly look for opportunities to develop themselves. For example, staff can be thinking about how to improve performance in current role or even what they need to do to move into a new or promoted role. If everyone focuses on development at an individual level, this will in turn have a positive impact on the success of organisation. Businesses tends to change and therefore even colleagues who have been in their role for a significant period of time will find that they need to develop in order to meet the objectives set at the beginning of the year. Every colleague should have a Development Plan, which they will discuss with their line manager. This should include: à ¢Ã¢â€š ¬Ã‚ ¢ What staff needs to do to develop them in current role (closing any skills gaps you have). à ¢Ã¢â€š ¬Ã‚ ¢ What behaviours you need to develop. à ¢Ã¢â€š ¬Ã‚ ¢ What aspirations you have for your long-term career and how you will work towards this. Our approach to Performance Management also allows us to identify at an early stage where colleagues may need support/development to help them meet their objectives, for whatever reason. If you are experiencing difficulty in meeting your objectives at any point in the year, you and your line manager will work together to recover your performance via an Action Plan. Action Plans are required for all colleagues who are considered to be underperforming. [Lloyds Banking Group Internal Database] Case Study: This case study is about LBG undergoing change due to acquisition of HBOS and the employee engagement survey indicated that the change was poorly managed by the organisation and the line managers. There was a very low level of employee satisfaction with both the organisation and management behaviour. Customer satisfaction was worse/lowest to such an extent that LBG was top of the customer complaints with 22,242 complaints in first half of 2010 (Jill Insley 2010 Guardian.co.uk). Analysis of questions used in employee survey showed that the crucial elements of satisfaction were: From Employers/Organisation: Employees wanted job security, generalised market pay and decent conditions for working environment. From Team Leader/Managers: Employees wanted to be kept informed about organisation changes, realistic targets, clear direction, notice taken of their views and setting SMART goals. From Team: Employees expected team bonding/socialisation, fairness of system for deciding duties and opportunities to influence decision. The response for many of the items on this satisfaction index can be influenced by changing management behaviour (i.e. upward appraisal approach Jones, 1996 and conducting workshops). The key aspect was to develop management/organisation behaviour which was linked to effectiveness. LBG provided workshops for senior managers on process skills and their application in developing staff, input of ideas for quality improvement, vision building team problem solving. These workshops were then cascaded down to lower managers and then all employees. As a result of these workshops many new processes were put in place (e.g. People Voice Going for Gold), most of them for solving the problems associated with change. The effect of this was then monitored on employee satisfaction through quarterly surveys. The results from survey were compared with high average scores to those which had lower scores for effectiveness. LBG improved communication to ensure colleagues are kept up to date on the integration programme and other projects within organisation. Managers held daily team huddles to provide information on the current changes within organisation, suggestion boxes were placed in each teams for employees to have their say. The feedback from employees/managers implemented change into infrastructure that provided small pods for meetings, group discussions and appraisals within group areas to give managers and staff more privacy. Meeting rooms were designed with new technology for managers to present clients/customers with product information building relationship. Relaxing areas were introduced for staff and managers with facilities like TV, Xbox, reading rooms message chairs for time out from b usy working environment. Executive managers hold quarterly meeting with teams, using the sessions to provide update on organisation, also expectations reflections on teams followed by QA sessions for colleagues to put forward their views on current issues. These sessions provide management team with useful feedback from the business and enables them to take action accordingly as to what colleagues want to make organisation a great place to work. The result of which provided employees to socialise with other teams and learn their processes/ways of working, it also provided teams to have quarterly business lunch to enable better bonding between teams. This change implemented a People voice team which would now collect data from staff members and understand their requirements or any achievements that were made by them. The Intranet published stories about staff members providing excellent customer service and feedbacks from customers to make colleagues feel as one team. Rewards were offered to staff members providing excellent service or the best recommendations made, this helped to manage changes/improve things in working environment. Staff suggestions helped LBG to implement these strategies and help them to boost motivation, efficiency performance and as a result it had the highest level of sigma scores for IFA satisfaction in October 2010.The overall effect was staff innovation, working as one team increased loyalty of staff towards organisation. [Lloyds Banking Group Internal Database] Conclusion The management development programme demands a lot of commitment and desire to participate in learning process. This requires an evaluation of the situation and thus formulating the appropriate strategy or plan for effective development to work in any given organisation. The techniques used for development in the above case study have effectively achieved the strategic goals of the organisations thus proving to be successful. Provision of the facts or the realisation of short comings could not improve the situations in this case; some sort of strategy was required to be implemented to effect all these changes. The timely implementation of these development learning plans implemented across all levels in LBG lead to better customer relations, improved team bonding and achieving target objectives of the organisation.

BonJours Basic Antifoundationalist Argument :: Philosophy Philosophical Papers

BonJour's 'Basic Antifoundationalist Argument' ABSTRACT: BonJour argues that there can be no basic empirical beliefs. But premises three and four jointly entail ‘BonJour’s Rule’ — one’s belief that p is justified only if one justifiably believes the premises of an argument that makes p highly likely — which, given human psychology, entails global skepticism. His responses to the charge of skepticism, restricting premise three to basic beliefs and noting that the Rule does not require ‘explicit’ belief, fail. Moreover, the Rule does not express an epistemic duty. Finally, his argument against this fails since it is false that if an experiential state has representational content, then it is in need of justification. I venture the diagnosis that BonJour mistook the representational content of a cognitive state for the assertive functional role of a belief. Foundationalism may well be false, but not for BonJour’s reasons. Laurence BonJour observes that critics of foundationalism tend to argue against it by objecting to "relatively idiosyncratic" versions of it, a strategy which has "proven in the main to be superficial and ultimately ineffective" since answers immune to the objections emerge quickly. (1) BonJour aims to rectify this deficiency. Specifically, he argues that the very soul of foundationalism, "the concept of a basic empirical belief," is incoherent. (2) This is a bold strategy from which we can learn even if, in the end, as I shall argue, it fails. But, first, what is foundationalism? A person's belief is ‘nonbasic’ just in case it is justified in virtue of its relation to other justified beliefs; it is ‘basic’ just in case it is justified but not in virtue of its relation to other justified beliefs. Foundationalism is the view that if one has a nonbasic belief, then — in the final analysis — it is justified in virtue of its relation to a basic belief. Basic beliefs comprise the foundation of a person's network of justified beliefs. Now to BonJour's argument. 1. The Argument Stated BonJour summarizes it like this: 1. Suppose, for reductio, that there are basic empirical beliefs. 2. A belief is justified only if there is a reason why it is likely to be true. 3. A belief is justified for a person only if he is in cognitive possession of such a reason. 4. A person is in cognitive possession of such a reason only if he believes with justification the premises from which it follows that the belief is likely to be true.

Video Game Violence Make Teens and Children More Aggressive Essay

The term violence is a broad word that has many different views depending on what it is associated with. When it comes to teens and children, violence can be anything from pushing, shoving, and fighting too. Violence has and always will be an ongoing problem around the world. Everything that can be done to prevent it will benefit our society. Today’s video games and featured television shows have become much more graphic than they have ever been, showing brutal images that can be accessed by all ages. Video games have become one of children’s favorite leisure activities, and they spend long amounts of time playing them. It has been shown that children with high exposure to such violent games have a much higher score of serious violence (Freedman 2002). After playing these games for long and countless hours, children begin to view these behaviors as acceptable while out with their friends or in public. Violence is any action that may cause harm to another such as pushing, fighting, language, wrestling, and killing. Violent video games have a strong positive correlation with aggressive behaviors because of intense graphics, lack of effective parental control, and the amount of time playing these games. Aggressive Minds. Video games that are made these days are completely different from how they were made a decade ago. The games are much more detailed and realistic, and they give you the feeling that you are actually in the game. Elizabeth Carll, PhD in Psychology says â€Å"A comprehensive analysis of violence in interactive video game research suggests exposure increases aggressive behavior, aggressive thoughts, angry feeling, and physiological arousal and decreases helpful behavior†. Children that have played thes... ...ngs, E., Karas, T., Winsler, A., Way, E., Madigan, A., & Tyler, S. (2009). Young children's video/computer game use: relations with school performance and behavior. Issues in Mental Health Nursing, 30(10), 638-649. Retrieved from EBSCOhost. JAMA and Archives Journals (2007, July 4). Study Examines Video Game Play Among Adolescents. ScienceDaily. Retrieved February 18, 2011, from http://www.sciencedaily.com/releases/2007/07/070702161141.htm Straus, M. (1972). Measuring Intrafamily Conflict and Violence: The Conflict Tactics (CT) Scales. Retrieved from http://www.jstor.org/pss/351733. Violent Video Game Campaign (1998-2011). Are you worried about the increasingly violent and graphic content in video games? Retrieved February 18, 2011. Van Horn, R. (1999). Violence and Video Games. Phi Delta Kappan, 81(2), 173. Retrieved from EBSCOhost.

How Flexible is the Brains Circuitry? :: Biology Essays Research Papers

How Flexible is the Brain's Circuitry? The brain is a complicated organ, containing an estimated 100 billion neurons and around 1,000 to 10,000 synapses for each of those neurons (1). This organ has the great responsibility of not only controlling and regulating the functions of the body but also sensing and perceiving the world around it. In humans, it is what we believe makes us the highly adaptive and intelligent organisms that we are, as well as give us our individuality. But with so many parts and connections to it, what happens when the brain's delicate circuitry is disrupted? We've all heard of brain damage, and its horrible results, whether is a news report on TV or science books. It seems that with trauma, disruption of blood supply, and disease; neurons and their connections could be destroyed and the organism's behavior exceedingly affected. Yet I've read about how people have overcome tremendous damage to their brains and gone on to function with very minimal handicaps. In elementary biology, we are all taught that cells in our body go through systems that replaces old, worn out cells with new cells. Most cell types go through programmed cell death, or PCD, but there was always an exception in the neuron; very early in mammalian development, neurons stop growing (4). PCD would be disastrous, as the depleted neurons would never be replaced. Since we need all our neurons and their connections to function, how do individuals with damage to both these neurons and connections survive, much less functioning within any definition of normality? After all, remove a few chips from a computer's motherboard and you won't have functioning computer. Yet there are children living their lives with only half their brains intact One of the most memorable case studies I read about in high school psychology was the procedure of removing large portions, sometime half the brain, to treat young children with epileptic seizures. This procedure, called hemi-spherectomy, was developed in the 1920's but rarely performed due to complications (8). With the advances in medicine today, it has become a more common practice in treatment severe epilepsy. At first, though the procedure was expected to stop the seizures, doctors did not expect these children to ever function normally. After all, with so much of the brain missing, it is hard to expect much of the mental functions of these children. Surprisingly, these children often retained much of their personality, memories and sense humor (8), awing their doctors with the flexibility of the brains to adjust after such invasive surgery.

Econ Syllabus

I will spend most of the time going through the theory and ideas that form the fundamentals of labor economics. However, it is important that students are aware of the simple facts of labor market in the US. Using the theory and facts, it should be possible to evaluate labor market policies.II. Prerequisite: The course is designed for economics majors and others who are already seriously interested in economics. Economics 301 Is a prerequisite. Ill. Evaluation: There are two methods used to calculate the course grade; I will choose for you at the end of the term whichever method gives you the higher grade. Method 1 Is designed to reward students who show consistent progress throughout the course, while Method 2 rewards those students who show improvement over the semester. Methods : Quizzes Homework and participation First midterm Second midterm FinalDate: Swept. 25th, 2014 class time Date: Date: Deck. 14th, 2014, Methods: Homework and participation 45% IV. Textbook (required): Labor Economics, George J, Boras (McGraw-Hill 6th edition) You can also use the 5th edition, which is much cheaper, and the content is much the same. V. Course outline: My lecture will be based on the textbook, highlighting fundamentals of labor economics that students should grasp. I plan to cover the following topics, but changes could be made, subject to the progress of the course. 1. The basics The subject of labor economics Theory and facts 2.Labor Supply (1) The basic static individual labor supply The labor/leisure choice and indifference curve The budget constraint The hours of work decision Income and substitution effects Individual labor supply Effects of taxes and subsidies (2) Extensions Life cycle labor supply Labor supply over business cycle Retirement Family labor supply Fertility and labor supply 3. Labor Demand Inputs and the production function Employment decision: short-run and long-run Elasticity of substitution Derived demand 4. Labor market equilibrium Equilibrium i n the competitive labor marketNon-competitive labor markets: monopoly and monopoly 5. Wage differentials The hedonistic wage function Labor supply and risk Safety and health regulations 6. Human capital Education and income Present value calculations Costs and returns to schooling Training Age-earning profile Policy 7. Wage structure Earning distribution Why do wages differ? Changes in the earning distribution International income distribution 8. Labor Mobility Mobility and migration Immigration in the US Models of immigration Benefits and costs of immigration Immigration policy.