The Measurement of Labor Cost

The Measurement of Labor Cost

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Measuring costs of labor as a portion of total production costs has never before been treated so thoroughly or so thoughtfully. Moreover, contrary to most recent labor research, this book focuses on the demand sidea€”the employer's point of viewa€”and the behavior studied is employer behavior. An introductory essay by the editor provides a useful guide to current thought in the analysis of labor cost. Other papers give new insights into problems encountered in accounting for the nonwage elements of labor compensation, the effect of pensions and other benefits, and the wage-measurement questions raised by incomes policies. In addition, there is a wealth of valuable new data on labor costs in the United States. Labor economists, statisticians, econometric modelers, and advisers to government and industry will welcome this up-to-date and comprehensive treatment of the costs of production.With respect to the third point, that individual earnings rise with age or experience is a familiar statistical fact. Tradition has associated it with aquot;on-the-jobaquot; training ( Mincer 1974). Because the training component of jobs is seldom observed directly, the on-the-job training (OJT) explanation is an ... thereby avoiding the perceived arbitrariness of a fixed, mandatory retirement age or 23 An Essay on Labor Cost.

Title:The Measurement of Labor Cost
Author: Jack E. Triplett
Publisher:University of Chicago Press - 2007-12-01

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