Chapter 16 discusses how labor markets are different from other markets we observe in the economy and how teacher labor markets may differ from labor markets in the private sector/other industries. The chapter makes the case that teachers are distinct from workers in other types of labor markets largely because of the nature of the industry in which they work and explores some of the theories that can contribute to understanding the complexities of this market. It reviews the principal–agent problem in educational production and the fact that teaching is a highly localized profession, with most teachers teaching close to where they grew up. Teaching is also largely a feminized profession dominated by public sector employment. In this context, the analysis in the chapter reviews studies showing that working conditions are important in differentiating teacher quality. The chapter also discusses how the teaching profession is different from others, focusing on who become teachers, where teachers decide to teach, the characteristics of teacher careers, teacher attrition, and the teacher reserve pool.
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