Abstract
The theory of labour supply is predicated on the assumption that work is simply a means to income. Workers are assumed to have a positive preference for leisure time and a negative preference or disutility for time spent working. The standard model shows leisure (the obverse of work time) and income as normal goods with a convex preference system. Increased wages bring forth increases in work time in pursuit of higher income, though beyond a certain level increased wages might be taken as increased leisure time, maintaining income constant, leading to the possibility of the familiar backward-bending supply curve of labour.
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© 1994 Springer Science+Business Media Dordrecht
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Throsby, D. (1994). A Work-Preference Model of Artist Behaviour. In: Peacock, A., Rizzo, I. (eds) Cultural Economics And Cultural Policies. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-1140-9_6
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DOI: https://doi.org/10.1007/978-94-011-1140-9_6
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