EconPapers    
Economics at your fingertips  
 

The Macroeconomics of Work Time

Barry Bluestone and Stephen Rose

Review of Social Economy, 1998, vol. 56, issue 4, 425-441

Abstract: In this paper we demonstrate that because of stagnating wages and rising job insecurity, there has been a change in the labor supply regime in the U.S. macroeconomy since the 1970s. There is now greater labor supply at any given officially measured unemployment rate. This induced growth in the quantity of labor effort is coming from experienced, incumbent workers and therefore does not show up in the official unemployment rate. While this may diminish family and community life, the increased aggregate labor supply means rising aggregate demand is being absorbed even at unemployment rates of less than 5 percent without sparking inflationary pressures. Because of this upward structural trend in weekly hours, monetary policy authorities must now recognize that standard jobless measures have become a misleading gauge of available labor.

Keywords: labor supply; working time; monetary policy; job insecurity; job instability (search for similar items in EconPapers)
Date: 1998
References: View complete reference list from CitEc
Citations: View citations in EconPapers (6) Track citations by RSS feed

Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/00346769800000043 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:rsocec:v:56:y:1998:i:4:p:425-441

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RRSE20

DOI: 10.1080/00346769800000043

Access Statistics for this article

Review of Social Economy is currently edited by Wilfred Dolfsma and John Davis

More articles in Review of Social Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().

 
Page updated 2020-09-04
Handle: RePEc:taf:rsocec:v:56:y:1998:i:4:p:425-441