"Oh, I know perfectly well that most rich men have no sense of happiness. But that's not the question. To have money is to have time. That's my main point. Time can be bought. Everything can be bought. To be or to become rich is to have time to be happy, if you deserve it..."
A Happy Death

The backward bending supply curve of labour is a thesis that claims that as wages increase, people will substitute leisure for working. Eventually, workers will decide to "spend" a portion of their higher wage "buying" more leisure time, and thus work less. The end result is that the higher wage decreases the quantity of labor supplied.
1 comment:
from the plague:
query: how contrive, not to waste one's time?
answer: by being fully aware of it all the while.
Post a Comment