Econ 3100, Chapter 1 Notes
Econ 3100, Chapter 1 Notes 3100
Popular in Economics of Race and Gender
Popular in Economics
This 8 page Class Notes was uploaded by Emily Banks on Friday September 2, 2016. The Class Notes belongs to 3100 at University of Colorado Denver taught by Professor Saul Hoffman in Fall 2016. Since its upload, it has received 5 views. For similar materials see Economics of Race and Gender in Economics at University of Colorado Denver.
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Date Created: 09/02/16
ECON3100-001 Economics of Race and Gender Hoffman, Fall, 2016 COURSE DETAILS ▯ Textbook and Syllabus ▯ Canvas site ▯ Lecture Notes - what and why ▯ Attendance policy – what and why ▯ Exams ▯ Grading ▯ Academic Dishonesty ECON3100, University of Colorado Denver Page 1 MY GOALS FOR THIS COURSE ▯ Become knowledgeable about the facts – very interesting! o Marriage, Fertility, Work, Gender Wage Gap o Race Issues o Famous economists o Become a resource ▯ Understand relevant policy issues – also interesting stuff! ▯ Appreciate economic analysis and research methods o See Connections o Topics in this course are a great way to learn economics and appreciate its insights and methods o Start with chapter on theory and methods (Ch 2) ECON3100, University of Colorado Denver Page 2 A Quick Look at Some Topics We Will Talk About - Figure 1.1 (Gender) ECON3100, University of Colorado Denver Page 3 Topics-Race #1 Race Differences in Selected Family Measures, 2015 white black Women, Age 15+, Married, Sp. Pres. (%) Women, Age 40-44, Never Married (%) Mother-Only Family with Children (% of all fams with children) Births Per 1000 Women, Aged 15-44 Births to Unmarried Women (% of all) 0 20 40 60 80 ECON3100, University of Colorado Denver Page 4 Topics Race #2: Race Differences in Selected Economic Outcomes, 2015/2016 (U Rate) white black Women, Age 25-54, In Labor Force (%) Men, Age 25-54, In Labor Force (%) Unemp. Rate, All (%) Unemp. Rate, Age 16-19 (%) Poverty Rate (%) 0% 20% 40% 60% 80% 100% ECON3100, University of Colorado Denver Page 5 An Example of the Economic Approach: Fertility Fertility in US fell 50% from baby boom (1955-64) to mid-70s and has stayed roughly there since then. Declining throughout most of the world – Europe (esp Southern), India, China. Why? Puzzle: on the whole, families are richer. Why is family size falling? Possible: ▯ Children are INFERIOR GOODS ▯ Tastes/Prefs: Adults today don’t like children as much as in past ▯ Prices: Children became more expensive. What does that mean? ECON3100, University of Colorado Denver Page 6 Details: “Demand for Children” – Utility Max ▯ Parents “demand” (& produce) children to maximize utility (& possibly as productive asset and/or age-old support) ▯ Utility from children in 2 forms – quantity (fertility) and “quality.” Quality = resources per child. ▯ “Price” of children has increased substantially. o Children are a household-produced commodity; major input is parental time (traditionally, mother’s). o As women’s wages ↑ over time, cost (= price) of children ↑. Opportunity Cost ▯ Price of QUANTITY of children plausibly ↑ more than price of QUALITY (more time intensive--details later). As P↑, many families shifted from high quantity/low-medium quality to lower quantity/higher quality fertility regime. ▯ Result - Lower fertility (smaller families) with more spending per child. ECON3100, University of Colorado Denver Page 7 Wednesday’s Class Read Chapter 1 & most of 2; review supply/demand (Ch 2) as necessary Class Notes on Canvas Student Info Form ECON3100, University of Colorado Denver Page 8
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