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The marginal product of labor
The marginal product of labor
Oct 29, 2025 12:44 AM

Note: This is post #54 in a weekly video series on basic microeconomics.

How are wages determined? Why do most Americans earn so much by global standards? What exactly is meant by ‘human capital’? Do labor unions help workers, and if so, by how much? In this video by Marginal Revolution University, economist Alex Tabarrok answers all these questions and more.

(If you find the pace of the videos too slow, I’d mend watching them at 1.5 to 2 times the speed. You can adjust the speed at which the video plays by clicking on “Settings” (the gear symbol) and changing “Speed” from normal to 1.25, 1.5 or 2.)

Previous in series: Does bundling benefit social welfare?

Previous Article：Unemployment and the making of career criminals Next Article：Do natural disasters justify big government?
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