The Supply of Labor

Roger D. Johnson

Chapter Chapter 8 in Rediscovering Social Economics, 2017, pp 105-120 from Palgrave Macmillan

Abstract: Abstract The orderly Neoclassical graphs and utility functions used to derive labor supply curves assume the income/leisure substitution effect dominates household behavior even at low levels of income. Alternative behavioral-based observations, in contrast, imply that the income effect will dominate for people living in poverty and/or the presence of income-targeting behavior. The mathematics of the Neoclassical income/leisure trade-off model cannot account for this type of behavior without destroying the elegance that makes it such a useful pedagogical and analytical tool.

Keywords: Labor Market; Labor Supply; Wage Rate; Supply Curve; Neoclassical Economist (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1007/978-3-319-51265-5_8

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