On the Elasticity of Demand for Income in Terms of Effort

Lionel Robbins

Chapter 5 in Economic Science and Political Economy, 1997, pp 79-84 from Palgrave Macmillan

Abstract: Abstract 1. It is a generally accepted proposition of theoretical economics that the effects of a change in the terms on which incomes from work can be obtained depend upon the elasticity of demand for income in terms of effort.1 If the elasticity of demand for income in terms of effort is greater than unity, then the effects of a tax or a fall in wage rates will be a diminution of work done and the effects of a bounty or a rise in wage rates will be an increase in work done. If it is less than unity, then the opposite movements are to be expected.

Keywords: Wage Rate; Marginal Utility; Demand Curve; Real Income; Commodity Price (search for similar items in EconPapers)
Date: 1997
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DOI: 10.1007/978-1-349-12761-0_6

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