Course Description
The application of microeconomic principles to the study of the behavior of individuals and business firms in the labor market. The roles of private institutions and public policies in affecting worker compensation, employment, unemployment, and the distribution of labor-market earnings.
Athena Title
Economics of Human Resources
Prerequisite
(ECON 2106 or ECON 2106H or ECON 2106E) and (ECON 2105 or ECON 2105H or ECON 2105E)
Semester Course Offered
Offered every year.
Grading System
A - F (Traditional)
Student learning Outcomes
- Students will use economic models and conceptual reasoning to assess hiring standards, recruitment, skill investments and training, and turnover policies, evaluating how these decisions affect employee performance, retention, and organizational outcomes.
- Students will evaluate and assess multiple organizational structures and job designs, considering their effects on coordination, incentives, decision-making, and employee productivity.
- Students will analyze performance evaluation and compensation systems, including quantitative and qualitative performance measures and incentive structures, assessing trade-offs between motivation, risk, and organizational objectives.
Topical Outline
- Recruiting and Selection
- Pay Methods and Worker Productivity
- Worker Turnover
- Promotion Hierarchies within the Firm
- Seniority-Based Compensation
- Team Production and Worker Compensation
- Nonmonetary Compensation: The Economics of Benefits
- Job Tasks and Worker Supervision
- Monitoring and Evaluation of Worker Productivity
Institutional Competencies Learning Outcomes
Analytical Thinking
The ability to reason, interpret, analyze, and solve problems from a wide array of authentic contexts.
