Money-Wage Dynamics and Labor-Market Equilibrium

1968 ◽  
Vol 76 (4, Part 2) ◽  
pp. 678-711 ◽  
Author(s):  
Edmund S. Phelps
2014 ◽  
Vol 59 (2) ◽  
pp. 119-127 ◽  
Author(s):  
Daniel S. Hamermesh

This study summarizes evidence on various unique aspects of work time in the American labor market. Compared to workers in other rich countries, Americans: Work longer hours per week; take fewer paid vacations; are more likely to work on weekends or at nights; enjoy fewer daily hours of leisure; are more likely to feel pressured for time. Except for night/weekend work, these phenomena are concentrated among higher earners. Their workaholism spills over onto other workers and non-worker family members. The study indicates policy remedies for what appears to be an inferior labor-market equilibrium of excessive market work in the U.S.


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