Explain how the wage rate is determined in the neoclassical labor market and political economy models.
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 […]