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Economics

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Economics Staff Paper Series

2000

Articles 1 - 10 of 10

Full-Text Articles in Social and Behavioral Sciences

A Comparative Review Of Structural Changes In South Korea And South Dakota Agriculture, Larry Janssen, Yong Kwon Oct 2000

A Comparative Review Of Structural Changes In South Korea And South Dakota Agriculture, Larry Janssen, Yong Kwon

Economics Staff Paper Series

Structural change is an ongoing feature of economic development around the world. Despite vast differences in the structural organization of South Korean and South Dakota (U.S) agriculture, many structural changes are similar. This paper includes a comparative review of selected structural changes in Korean and South Dakota (U.S.) agriculture and the relative impact of forces affecting structural changes in both nations. Reduced economic impact of farm sector, farm population and farm size trends, full-time vs. part-time farming, changing food consumption, imports and exports are some of the major structural trends examined. Implications of changing agricultural structure in South Korea and …

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Are Worker's Wages Driven By National Or Local Factors?, Dwight Adamson, David Clark, Mark Partridge Oct 2000

Are Worker's Wages Driven By National Or Local Factors?, Dwight Adamson, David Clark, Mark Partridge

Economics Staff Paper Series

Previous studies of the linkage of national and regional labor markets have focused on aggregate employment growth and migration. By focusing on the separate effects of national and regional labor market economic conditions on wages, this study differs from much of the previous literature. In particular, this paper will extend the previous literature in two key directions. First, it will explore whether local economic activity and location-specific amenities have different effects on metropolitan and nonmetropolitan area wages. Second, it will determine whether these effects on workers varied by education level between metro and nonmetro workers. These issues will be explored …

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The Effect Of Educational And Residential Characteristics On The Private Return To Education, Dwight Adamson, James Swenson Oct 2000

The Effect Of Educational And Residential Characteristics On The Private Return To Education, Dwight Adamson, James Swenson

Economics Staff Paper Series

This paper attempts to investigate the individual wage rate of return to college education. Over the last twenty years, the return to college education has increased dramatically. We propose to investigate how the return to college differs across educational and residential characteristics. We first consider differential returns to an associate, bachelor, advanced, and professional degrees and what characteristics of an individual's college education influence the rate of return to different degrees. Secondly, we focus on the variation in the return to college education in different areas of residence by comparing the return to education across regions and metropolitan and nonmetropolitan …

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Individual Characteristics, Spatial Labor Market Differences, And Amenity Influences On Nonmetro/Metro Migration Patterns, Dwight Adamson, David Clark, Mark Partridge Oct 2000

Individual Characteristics, Spatial Labor Market Differences, And Amenity Influences On Nonmetro/Metro Migration Patterns, Dwight Adamson, David Clark, Mark Partridge

Economics Staff Paper Series

Previous studies of the linkage of national and regional labor markets have focused on aggregate employment growth and migration. By focusing on the separate effects of national and regional labor market economic conditions on wages, this study differs from much of the previous literature. In particular, this paper will extend the previous literature in two key directions. First, it will explore whether local economic activity and location-specific amenities have different effects on metropolitan and nonmetropolitan area wages. Second, it will determine how regional labor markets and locality amenities affect metro and non-metro migration of workers. These issues will be explored …

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The Effect Of China's Economic Reform Program On The Employment Structure In China's Urban Areas, Feng Xu, Scott Fausti, Dwight Adamson, H. Kim Oct 2000

The Effect Of China's Economic Reform Program On The Employment Structure In China's Urban Areas, Feng Xu, Scott Fausti, Dwight Adamson, H. Kim

Economics Staff Paper Series

A review of China's economic and political reforms since 1978 is provided and then linked to structural change in China's urban labor force as a result of the reform process. Analysis of data on urban labor allocation in China from 1978-97 indicates labor is being reallocated from the public sector to the private sector at a very rapid pace. The data indicates the urban labor has doubled and employment in the private sector has increased from nearly zero to a little over 30% in a 20 year period. The data also suggest that Chinese estimates of urban employment and unemployment …

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Impressions Of Korea, Larry Janssen Oct 2000

Impressions Of Korea, Larry Janssen

Economics Staff Paper Series

No abstract provided.

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Asymmetric Information And Wage Differences Across Groups: Labor Market Discrimination Or Nondiscriminatory Market Outcome, Dwight Adamson, Scott Fausti Oct 2000

Asymmetric Information And Wage Differences Across Groups: Labor Market Discrimination Or Nondiscriminatory Market Outcome, Dwight Adamson, Scott Fausti

Economics Staff Paper Series

Labor market discrimination is defined as a failure to receive compensation equivalent to workers' productivity. In an efficient labor market, a worker's productivity attributes-labor force experience, education, tenure, etc.-and innate ability will be duly rewarded regardless of race, gender, ethnicity, or other individual characteristics. Workers receive pay commensurate with individual productivity. Employers do discriminate in pay and employment between individual productivity characteristics and ability. This is not labor market discrimination. It reflects market efficiency, since workers with productivity attributes and abilities that are highly demanded by employers receive the highest wage rates. It is also well known that females and …

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Uncertainty Over The Quality Of Labor Inputs: A Nonmonopoly Theory Of Union Wages And Hours Worked, Dwight Adamson, Scott Fausti Oct 2000

Uncertainty Over The Quality Of Labor Inputs: A Nonmonopoly Theory Of Union Wages And Hours Worked, Dwight Adamson, Scott Fausti

Economics Staff Paper Series

A theoretical model of labor demand under uncertainty which incorporates the propositions found in the union voice literature is presented. The model generates a positive union effect on wages and hours worked without union monopoly power. The model provides a more detailed conceptual framework for explaining why the union voice effect may improve efficiency within the firm than that currently found in the literature.

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Developing And Implementing An Internet-Based Financial System Simulation Game, Joseph Santos Apr 2000

Developing And Implementing An Internet-Based Financial System Simulation Game, Joseph Santos

Economics Staff Paper Series

Thanks to the internet and server-side technology such as Active Server Pages (ASP), developing and implementing interactive pedagogy is proving quickly to be both user-friendly and relatively inexpensive, requiring of faculty and students only pedestrian programming skills and access to the internet, respectively. The Financial System Simulator (FSS), developed over a summer term, is one such example. The FSS is an internet-based, interactive teaching aid that introduces undergraduate students to the domestic and international consequences of monetary policy. While simulators are common among computer-aided interactive learning devices in today's undergraduate economics curricula the FSS is unique because students, representing nations, …

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Can Futures Markets Quell Money Market Volatility? A Look At Us Money Markets Before And Since Commodities Futures Contracts, Joseph Santos Mar 2000

Can Futures Markets Quell Money Market Volatility? A Look At Us Money Markets Before And Since Commodities Futures Contracts, Joseph Santos

Economics Staff Paper Series

This paper offers the introduction of futures markets, and the resulting substitution away from consignment contracts around 1874, as the reason why early US money markets are relatively more volatile, and far less seasonal, than their post-1874 counterparts. Until 1874, movements in interest rates were erratic and financial instabilities imparted relatively large shocks to money markets, particularly in the autumn months. After 1874, the effects of financial instabilities on interest rates diminished and the regularization of seasonal movements was attained. The paper demonstrates the plausibility of this claim using the standard mean-variance framework of the spot price volatility literature, where …

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