By Mark R. Killingsworth
Exertions offer is a survey of and significant consultant to contemporary theoretical and empirical paintings on exertions offer versions, either static and dynamic. The chapters on fresh empirical reviews and on dynamic types are of specific curiosity, simply because neither subject has thus far been mentioned in any element in common texts. built-in inside of this survey is an intensive dialogue of public coverage matters on the subject of exertions offer, together with source of revenue move courses, similar to welfare and Social protection, and the source of revenue tax procedure. A concluding bankruptcy discusses secular tendencies in hard work provide within the U.S. financial system, specifically the long-run bring up in woman hard work strength participation.
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Extra resources for Labor Supply (Cambridge Surveys of Economic Literature)
Zo) and Z, = Z,(L,, Cui. . , Cni) 11 Becker (1965) also suggests that leisure time and the consumption of market goods may have an effect On productivity directly. For more on the notion that consumption of goods and leisure may be productive, see Cohen and Stafford (1974), Conant (1963), Heavy (1971), Leveson (1967), Meissner (1971), and Yotopoulos (1965). 12 This results in sometimes novel interpretations of the conventional model. For example, suppose commodities that are inferior (whose consumption will fall as income rises), such as "loafing," require relatively much time and relatively few goods, whereas commodities that are normal (whose consumption will rise as income rises), such as boating, require relatively little time and relatively many goods.
53) writes: "Most economic theory is predicated on the notion that the production of income . . is the only function of work, and that people will thus move around from one job to another in response to variations in economic rewards. "But to the considerable extent that the job, and the work that it entails, serves itself to define our social and personal selves, there are decided limits upon what we feel willing and able to do simply to earn money . . ) The second clause of the first sentence just quoted is correct, particularly if one inserts the phrase, "other things being equal, some" before the word "people": There are indeed "decided limits upon what we feel willing and able to do simply to earn money'' (which is another way of saying that different people have different, and occasionally quite high, reservation wages).
Becker (1977) and Olsen (1976) have recently extended the list of inputs into the production functions to include effort, the idea being that the individual allocates not only a fixed total amount of available time but also a fixed total amount of effort to market work and to production of various activities in the home. 13 This kind of analysis has proven quite useful in studies of the allocation of time to alternative kinds of nonmarket production (see Gronau, 1977). However, its value for analyses of labor supply market production - is less obvious.