Adv Micro L8: 70 years of Economists' failure to understand Labor Market

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PIDE lecture on 03 20 2017 documents how empirical evidence flatly contradicts economic theories of of Labor Supply as determined by labor/leisure tradeoff and Labor Demand as determined by setting wage equal to marginal product of labor. Even though strong emprical evidence has been available for 70 years, economists have not revised their theories of the labor market.

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