Some questions to consider as you watch this video, and to discuss in the comment thread if you would like:
1) Do you agree with the joint statement (0:39 in the video)? How would you modify it if you don't?
2) Related to the argument at 2:15 in the video: If there is a large influx of unskilled workers, can we expect the wages of any group of workers to be helped out?
The unemplyment rate, which is a narrowly defined measure, inched downwards this month from 8.3% to 8.1%. While at first glance this may seem to be a good thing, this WSJ article points out why it may not. Do you think that this unemployment problem is worse for any certain group (income class, race, gender)?
Potential essay question: What do you think a surplus of workers will do to the wage paid to newly employed people? If you think future wages will adjust downward, how far down can they go? Will this surplus of workers ever cease to exist?
From the NY Times blog, Economix, this is a look at how this recession compares to past recessions. Although the unemployment rate is generally a concern of macroeconomics, we can analyse the labor market with a micro-prespective. From the graph, how do you compare this recession to those of the past? Would you say that there is a shortage or a surplus of labor in the market? Thinking back to the superbowl blog post, if a lot of demanders caused the price of tickets to increase, what will likely happen to the price of labor (i.e. wages) in this economic climate?
Workers at Ford may soon be going on strike according to this Economix blog post. It seems this year has been the year for labor disputes NFL, NBA, and now Ford. The amazing thing to me is how Facebook is playing a role in almost everything that happens now. Before, workers in Detroit would have no way of contacting workers outside of their state, let alone their city. It seems like the Facebook revolution is far from complete. Back to the matter at hand, what could a labor dispute like this do to the cost of Ford cars? How could this effect demand for other cars?
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