The Micro-Economics of "Surplus Labor"

Gustav Ranis

No 28499, Center Discussion Papers from Yale University, Economic Growth Center

Abstract: This paper examines the apparent conflict between the classical assumption of a bargaining the context of a labor surplus developing economy. It concludes that the relatively inelastic supply of labor hours offered by low income small or landless farmers in the static microeconomic leisure/work context is perfectly consistent with the persistence for some time of an institutional real wage offered to the non-agricultural sector of the dual economy. Empirical evidence is brought to bear in support of that position.

Keywords: Labor; and; Human; Capital (search for similar items in EconPapers)
Pages: 29
Date: 1997
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:yaleeg:28499

DOI: 10.22004/ag.econ.28499

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