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Working time reduction and employment in a finite world

Author

Listed:
  • Jean‐françois Fagnart

    (Saint-Louis University, Brussels)

  • Marc Germain

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - ULCO - Université du Littoral Côte d'Opale - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Bruno van der Linden

    (UCL - Université Catholique de Louvain = Catholic University of Louvain)

Abstract

We study the consequences of a working time reduction (WTR) in a growth model with efficiency and an essential natural resource (natural capital) and in which technical progress cannot reduce the resource content of final production to zero. We show that if natural capital is scarce enough, a WTR increases the long-term levels of the hourly wage and employment. A numerical analysis of the transitory impacts of a WTR confirms that when natural capital is scarcer, a WTR increases employment more and the hourly wage less, with a less negative initial impact on output.

Suggested Citation

  • Jean‐françois Fagnart & Marc Germain & Bruno van der Linden, 2022. "Working time reduction and employment in a finite world," Post-Print hal-03969765, HAL.
    • Handle: RePEc:hal:journl:hal-03969765
    DOI: 10.1111/sjoe.12513
    as

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    JEL classification:

    • J68 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Public Policy
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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