Instructions:
You will not need to write more than 3 pages double-spaced. Please upload your paper on the course website at NYU Classes. Please cite your paper professionally, being mindful of in text citations.
Essay Prompt:
Draw on these readings for the paper:
Hall, Robert E. and Marc Lieberman. 2013, 2010. Microeconomics: Principles & Applications. Sixth ed. Mason, Ohio: South-Western, Cengage Learning. Chapter 12
Bowles et al: chapters 10 & 12 (through cost of job loss discussion, p. 298 of 3rd edition).
Explain how the wage rate is determined in the neoclassical labor market and political economy models. Be sure to explain in what way power does or does enter into these models.
Bonus question: can you explain how politics/law enters in the one model and not the other?
