The authors use a labor supply; relative pay; experimental economics laboratory experiment to examine the impact of relative wages on labor supply. They test the hypothesis that, ceteris paribus, making a given wage high (low) relative to other wage levels will lead to an increase (decrease) in...

Over the past decade, policymakers and business leaders across New England have been concerned that the region’s slower population growth and loss of residents to other parts of the U.S. will lead to a shortage of skilled labor—particularly when the baby boom generation retires. Even with...

In this paper we model U.S. labor supply and demand in considerable detail in order to capture the enormous heterogeneity of the labor force and its evolution over the next 25 years. We represent labor supplies for a large number of demographic groups as responses to prices of leisure and...

The American labor force will be transformed as the twenty-first century unfolds, a change that will confront policymakers and business firms with new challenges and new opportunities. The impending slowdown of labor force growth that will accompany the retirement of the baby boom generation...

Most of the papers prepared for this conference make clear the desirable economic effects if older Americans worked longer and spent fewer years in retirement. Despite a small upturn in labor market participation by older workers in recent years, there is substantial room for significantly...

Pride, envy, gluttony, lust, anger, greed, and sloth—theologians tell us that we become better people by examining these sources of failure. But my concern here is not with the classic seven deadly sins, but what I feel are the contemporary seven deadly sins being committed in current policy...

A consensus in macroeconomics holds that the observed higher-frequency movements in employment and hours of work are movements along a labor-supply function caused by shifts of the labor demand function. Recent theoretical thinking has extended this view to include fluctuations in unemployment,...

It is widely recognized that inequality of labor market earnings in the United States grew dramatically in recent decades. Over the course of more than three decades, wage growth was weak to nonexistent at the bottom of the distribution, strong at the top of the distribution, and modest at the...

This chapter summarizes what is known about the labor supply of older American men, defined as those aged 55 years and over. The topic is of great interest because in the coming decades older individuals will comprise a much greater portion of the U.S. population, so the labor supply of older...

Output growth is determined by growth in labor productivity and growth in labor input. Over the past two decades, technological developments have changed how many economists think about growth in labor productivity. However, in the coming decades, the aging of the population will change how...