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The Life Cycle, the Family and Labour Supply

In: Labour Economics and Public Policy Managing the Labour Markets for Competitiveness

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  • Soon Beng Chew

Abstract

In Chapter 2, we use the Y‒L model to determine number of hours of work per day. We show that a change in wage rate will produce substitution effect and income effect. In conducting the analysis, we assume that workers have a choice to work more hours or fewer hours. There seems to be no restrictions on working hours. And the workers do not seem to worry about lifetime expenses. Does the worker’s decision to work depend on his household’s condition? At the same time, how do we take into account self-employment? In this chapter, we will consider all these situations.

Suggested Citation

  • Soon Beng Chew, 2017. "The Life Cycle, the Family and Labour Supply," World Scientific Book Chapters, in: Labour Economics and Public Policy Managing the Labour Markets for Competitiveness, chapter 3, pages 33-46, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813202238_0003
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    More about this item

    Keywords

    Labour Market Competitiveness; Labour Unions; Macro-Focused Union; Union Social Responsibility; Union as a Public Good;
    All these keywords.

    JEL classification:

    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies

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