Thursday, April 02, 2009
Basic Labor Supply Model
The main model economists use to explain this decision is the neoclassical labor supply model. This model explains the decision to work as a tradeoff between labor (working for pay ) and leisure (all time spent not working for pay).
In order to augment our discussion in class, you can find additional materials on this topic in a number of places. First, many intermediate micro texts contain a discussion of this model (so you may want to check the books on your shelf or in the library). Alternatively, there are a number of discussions available online. E.g., here, here, and here.
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