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Labor supply: Toward the construction of an alternative conception from post Keynesian and institutional economics

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  • Eduardo Fernández-Huerga
  • Jorge García-Arias
  • Ana Salvador

Abstract

Post Keynesian and institutional economics have traditionally maintained a critical stance toward the orthodox model of labor supply, questioning many of its underlying assumptions. Nevertheless, this critical view has not led to the formulation of an alternative conception of labor supply that is sufficiently coherent and structured to be generally accepted within these branches of the literature. Accordingly, the purpose of this study is to contribute to the construction of such an alternative. To do so, the article starts by analyzing the relationship between the reasons that lead to individuals offering their labor and what that activity can bring to human beings in return. Secondly, the authors present an alternative concept of what workers contribute at work. They then analyze how the decision-making process regarding the labor supply actually takes place. Finally, the article concludes by briefly presenting certain additional points, in particular how differentiation is an inherent feature of the labor supply.

Suggested Citation

  • Eduardo Fernández-Huerga & Jorge García-Arias & Ana Salvador, 2017. "Labor supply: Toward the construction of an alternative conception from post Keynesian and institutional economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 40(4), pages 576-599, October.
  • Handle: RePEc:mes:postke:v:40:y:2017:i:4:p:576-599
    DOI: 10.1080/01603477.2017.1338968
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    References listed on IDEAS

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    1. Vasilev, Aleksandar & Maksumov, Rashid, 2010. "Critical analysis of Chapter 23 of Keynes’s Notes on Mercantilism in The General Theory of Employment, Interest and Money (1936)," EconStor Research Reports 155318, ZBW - Leibniz Information Centre for Economics.
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    Cited by:

    1. Eduardo Fernández-Huerga & Ana Pardo & Ana Salvador, 2023. "Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 413-443, July.

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