Why Do People Work so Hard?
نویسنده
چکیده
Conventional economic theory, coupled with standard preference parameters predict that labor supply should fall markedly over time. However, this contradicts the empirical reality that labor supply rises at the very onset of economic development, subsequently tends to fall, and then stabilizes. This paper addresses this pattern of labor supply over time, and explains it via the proliferation of new products coming on stream. This motivates consumers to continue to supply labor, so as avail of the new consumption opportunities. This induced labor supply, in turn, provides a market for new products, which itself is a driving incentive to innovate. On the balanced growth path, the two countervailing forces of a rising real wage and new consumption opportunities sustain a constant labor supply. THIS WORK IS INCOMPLETE. PLEASE DO NOT QUOTE OR CITE. ∗Department of Economics, UC Berkeley. Email: [email protected]. This work is incomplete.
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