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Extra info for A Century of Labor-Leisure Distortions
The first is its appearance in the denominator of the unexplained distortion formula above. The other is its effect on the MRS function when it is calculated using leisure hours that exclude the time of the unemployed, rather than including it as the previous calculations. Figure 9's dotted line shows this second effect because it is calculated by subtracting (in logs) the log-Stone-Geary MRS series from Figure 2 from the series revised using the unemployment series. We see Century of Distortions - 37 looking backwards from the 1930's as, say, the 1920's has significantly less labor market distortions that are not explained by taxes or unemployed.
Nonetheless, my calculations show that whatever model ends up fitting these data will produce the same kinds of aggregate relationships between consumption, work hours, after-tax wages, and unemployment rates as does the simple and familiar aggregate Cobb-Douglas model. VI. Summary and Conclusions Using quantity data and functional forms from the literature, I calculate time series for the marginal value of time (MRS) and marginal product of labor (MPL). According to the labor equilibrium equation, MRS = (1-J)MPL, where J is a wedge driven between MRS and MPL by tax policy, regulatory policy, monopoly unionism, and other labor market distortions.
The Overworked American. New York: Basic Books, 1991. Stafford, Frank P. “Review of 'The Overworked American'”. Journal of Economic Literature. 1992: 1528f. F. ” Journal of Monetary Economics. 41, 1998: 389-409. Summers, Lawrence H. ” American Economic Review. May 1989: 177-83. United States Council of Economic Advisers. Economic Report of the President. S. Government Printing Office, 1996. Century of Distortions - 54 United States, Department of Commerce, Bureau of the Census. Historical Statistics of the United States, Colonial Times to 1970.
A Century of Labor-Leisure Distortions by University of Chicago