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The Supply of Labour and Household Production

João Sanson

Chapter Chapter 5 in Paid and Unpaid Labour in the Social Economy, 2009, pp 63-80 from Springer

Abstract: Abstract Labour supply is seen as an output from household production. Given the physical effort of a person, working in the market also requires specific inputs. This process may be described with the help of a joint-production technology, where at least one of the outputs is labour supply. With the help of a simplified version of the model, the choice among different types of market work is initially discussed. Within this discussion, it is shown how different estimates of the opportunity cost of time naturally appear. Then, the definition of net result of the worker is related to economic rent due to the fact that the consumer–producer cannot alter the time endowment. As a result, the household production model, including labour supply, might be more amenable to integration into general equilibrium theory and microeconomic theory in general.

Keywords: Production Function; Labour Supply; Opportunity Cost; Preference Function; Reservation Price (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1007/978-3-7908-2137-6_5

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