wage determination in imperfect labour markets

[megridz]

your ability to put what would equate to 10 pages of intense economics reading into a 4 minute video is amazing

[AnGeLWiNgS93]

IMMA DIE

[sunshinekiara]

Sir, are you teaching A level Cambridge economics? if so, will you be able to name your videos according to their titles? pleease? that would be so much easier to find

[sunshinekiara]

are you teaching a level Cambridge economics?

[lujavana]

what happens when the minimun salary is applied in a market controled by a discriminatory monopsonist?

[SanofdaK]

He's so cute

[jpat911]

Also, I've got a question if anyone can answer it. Why can't the monopsonist just start out with a base wage, and then promote each person according to time spent at the firm and/or merit? That way, the MC of hiring an additional person could just be the base wage, and the more experienced people could be given a raise. Would this scenario alter the MC curve in any significant way to this model?

[jpat911]

Thank you so much for this. The econ department at my university is incredibly biased and I have NEVER seen a model that tries to explain that a union could increase both the quantity of labour and the wage rate. Similarly for the Keynesian LRAS curve... my prof is a staunch monetarist. I'll be sure to bring these points up in my future classes.

[quahximian]

Hi! Thank you for the video, I thought it was really helpful. I have a question: Why is it that beyond Q3, Mc is greater than MRP? How can you tell on the graph that Mc is greater than MRP? (Sorry if it's a confusing question...) Thank you so much!

[joshmanutd2]

@quahximian MRP = Demand

[milivo1]

goooood, thank you!

[TedEdFred21]

2:20 I was falling asleep and i was woken up by the bell... lol

[xxpink4lyfxx]

You are sick!!

Thank you sooo sooo sooo much!! In just 4.47mins you taught me something the text book failed to do so for 6 months!

[liverpoool4lyf]

One word :Awsome!

[Turkeysucks2010]

Cute by dumb, since the unions have now artificially raged wages and the actual amount of workers in the world is higher than just the UK - in come the workers from other countries and out go the companies to other countries-and you are now in a constant struggle for the actual market numbers to reset. Either the union workers better get it and take the real wage or have a war and reduce the number of worker in supply but your all a bunch of Marxist pussies so enjoy Islam.

[simbafreak]

AHHH that was so cute after the bell rang!! heheh. oh and the vids really help me so much! thank you!

[shadowkitty1988]

Although I had to watch it twice to understand, you have explained this whole curve--and the workings of a monopsonist / unionized market better than an hour long class lecture at my college.

Thank you!!

[realangel85]

thanks for the movie, i am more understand now..^^

[wefh2]

Thank you so much for your work , you have helped so many... GREAT MAN

[tahateekhan]

Phil Holden may God bless you......... lease make any video on Liquidity preference and money supply!!!

[kabulom]

Dear Sir, Honestly i Love you you are simply the best, you are one of those few people alive who are source of possitive externalities.. ( little economic joke) i always when i fell problem in economic i come in yourube and type and your excellent videos come up. keep up and please also more topic in economic from university lavel too first year and so on... thank you so much and God BLEESS you.

[caveboy0000]

we love you

[Questfortruth86]

This is utter nonsense, why do you assume that imperfect competition leads to higher marginal cost of labor? MPL>W/P, determined by the output of the workers, and the amount of capital. I fail to understand why imperfect competition necessarily means higher MC.

[jaopaosam]

This is not a good way of describing the labor market. You describe the labor market fram microeconomics, rather that MACROeconomics.

[tahateekhan]

this is GCE A levels Economics... and tht is what Phil teaches!

[jstuart2003]

Macroeconomics looks at the labour market in relation to the macro economic goals of the Government. What effect it will have on growth, inflation etc.

This is the microeconomic description of the labour market in terms of one dominant buyer of labour.

Besides which this video describes what A Level economics depicts, it is what students, such as myself, will need to regurgitate in an exam in order to gain high marks.

An accurate description of Monopsonies Vs Trade Unions Phil!

[bbothequeen]

Keep up the good work. U make economics seem easier than it looks.

[dointime85]

Great video, I'll think I have to get through it step by step again in oder to fully understand it but your work is simply awesome!

[namakdoun]

hey

just wanna say that your work is absoloutly exellent...... the best teacher i have ever seen..

[Kr15S]

ace video...do you think you can continue to produce and explain sub-topics of a level economics like this, would help a great deal - you have a talent for this, keep it up ;)

[jodes1234]

hey, your videos are great, you have a very succinct way of explaining economics. Keep it up!!!!

[sooper89]

paf bro, why dont monoponist pay workers where mc= mrp and why at a corresponding point at the supply curve ?

[calroach]

because they dont have to. they are prepared to pay wages equal to mc but workers will accept wages at S. employers wont pay a higher wage than they need to

[pajholden]

exactly - that's the point precisely.

[mzambo666]

There is power in a UNION!!!!!!!!!!!!!!!!!!!

[sauk00]

Me again, had my presentation and past! This video helped, thanks!

[sauk00]

I wish I understood this....I have a presentation on wage determination in less than 2 weeks :-(

[pajholden]

Hi Christopher - if I can help, ask me a question. Simple really - monopsonists drive wages and employment levels down, unions can take them back up.

[sauk00]

Thanks man, its just getting my head around the new jargon and everything. Basic understanding just needs a kick here and there. Might even post here saying how the presentation went lol. Wish me luck!

[fedroger]

Is this because monopolies use the only labor in a particular market, so they are at the mercy of having labor? And this why labor unions can battle them in contract disputes? Do these question make any sense?

Cheers from Minnesota.

[maashi2003]

dear pajholden, may you please give me some ideas about spot and forward exchange rates.

thanks a million.