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Understanding the Educational and Career Pathways of Engineers (2018) / Chapter Skim
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Appendix D: Cobweb Model of the Engineering Labor Market
Pages 180-181

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From page 180...
... , shifts demand out to Increased Demand, and the long-run equilibrium lies at the intersection of Increased Demand and Supply. However, if demand increases suddenly, there is no time for new engineers to be trained (although some might delay retirement or return early from parental leave)
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From page 181...
... 2004 The engineering labor market. Journal of Political Economy 112 (February)
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Key Terms

  • labor market
  • engineering labor
  • red dotted
  • people willing
  • permanent residents

  • increases suddenly
  • seminal work
  • supply curves
  • engineering skills
  • engineering declines

  • temporary visas
  • workers comprises
  • cobweb model
  • employment levels
  • labor force

  • demand increases
  • engineering employment
  • annual visa
  • market equalizes
  • wage changes

  • dotted line
  • parental leave
  • wage induces
  • equalizes supply
  • adjustment occurs

  • visa distribution
  • degreed engineers
  • delay retirement
  • engineers employed
  • increased demand


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