Warianty tytułu
A Model of Labour Supply Response to Changes in Real Wages
Języki publikacji
Abstrakty
The author points to the difficulties in defining the nature of labour supply response to changing levels of average real wages at the macro level. The existing micro models suggest that, when real wage is rising, households may respond either by increasing or by reducing their labour supply. The results of statistical inquiries are not unequivocal. In the article, the households are supposed to respond on the labour market in a way conditioned by the behaviour of other households. This hypothesis assumes that each household tends to obtain an income level that corresponds to the income earned by the social group that is treated as a reference group. The same applies to the behaviour of households as labour suppliers. This implies a declining elasticity of labour supply to changes in the average real wage. (original abstract)
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Bibliografia
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