The social opportunity cost of rural labour

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The social opportunity cost of rural labour

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Ian Hodge

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Ian Hodge

Abstract

Hodge I. (1982) The social opportunity cost of rural labour, Reg. Studies 16, 000-000. When new employment is generated in times of involuntary unemployment, the social opportunity cost of labour will be less than the market wage. In assessing the social value of projects it is therefore necessary to identify the extent of this differential. In this paper, an approach to the evaluation of the social opportunity cost of labour is described which models the process of labour adjustment subsequent to the creation of new vacancies. A Markov chain approach is adopted in order to quantify the impact on the labour force as the consequent changes work through the system and the opportunity cost of labour at various stages is measured on the basis of assumed productivities of employees in their alternative occupations. Finally, the impediments to this adjustment process in rural areas are discussed.

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Article provided by Taylor and Francis Journals in its journal Regional Studies.

Volume (Year): 16 (1982)
Issue (Month): 2 (April)
Pages: 113-120
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Handle: RePEc:taf:regstd:v:16:y:1982:i:2:p:113-120

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

M.J. Moseley & Jane Darby, 1978. "The determinants of female activity rates in rural areas: an analysis of Norfolk parishes," Regional Studies, Taylor and Francis Journals, vol. 12(3), pages 297-309, June. [Downloadable!] (restricted)
Alan Evans, 1973. "Measuring the total impact of a new factory in Furness: A Markovian approach," Regional Studies, Taylor and Francis Journals, vol. 7(4), pages 407-408, December. [Downloadable!] (restricted)

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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Hodge, Ian, 1983. "Rural Employment and the Quality of Life," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 51(03), December. [Downloadable!]

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