The Effect of Distinguishing Hours and Workers in Production on Labour Market Equilibrium

Ian Dobbs ()

Scottish Journal of Political Economy, 1992, vol. 39, issue 1, 14-20

Abstract: The characteristics of equilibrium in the labor market are examined when hours and workers are distinguished in production. An efficient equilibrium might be expected to involve the separate pricing of workers and hours worked; however, in this model, competition for jobs leads to an equilibrium that involves a wage-hours contract rather than separate pricing. The equilibrium is efficient but involves individuals being driven off their nominal supply curves and feeling over- or underworked. This effect disappears, naturally enough, if output depends solely upon the number of worker-hours (i.e., where the composition of the latter is of no independent consequence). Copyright 1992 by Scottish Economic Society.

Date: 1992
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Scottish Journal of Political Economy is currently edited by Tim Barmby, Andrew Hughes-Hallett and Campbell Leith

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