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Extra resources for A Century of Labor-Leisure Distortions
In particular, the calculations show when and how there is a stable relationship, of the kinds predicted by many applications of the “labor equilibrium equation,” between aggregate consumption, aggregate work hours, wages, and various measures of labor market distortions. 33 Some conclusions that can be made from my calculations are summarized below by historical time period. A. Work Hours Prior to 1929 Labor input is high prior to 1929 – even higher than one would expect in the absence of labor income taxes.
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