Idle worship
This paper shows that where there is habit formation in consumption and labour effort, output levels can be driven above or below those levels a social planner would choose depending on the relative size of these two habit effects. In the steady state of an economy where consumption habit persistenc...
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| Veröffentlicht in: | Economics letters 2006, Vol.90 (1), p.77-83 |
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| container_end_page | 83 |
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| container_issue | 1 |
| container_start_page | 77 |
| container_title | Economics letters |
| container_volume | 90 |
| creator | Choudhary, M. Ali Levine, Paul |
| description | This paper shows that where there is habit formation in consumption and labour effort, output levels can be driven
above or below those levels a social planner would choose depending on the relative size of these two habit effects. In the steady state of an economy where consumption habit persistence dominates, people work excessive hours compared with the social optimum. Some simple empirical evidence suggests that excessive output inefficiencies exist in both the US and the Euro-zone. |
| doi_str_mv | 10.1016/j.econlet.2005.07.009 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0165-1765 |
| ispartof | Economics letters, 2006, Vol.90 (1), p.77-83 |
| issn | 0165-1765 1873-7374 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_38217978 |
| source | RePEc; Elsevier ScienceDirect Journals Complete |
| subjects | Attitude formation Consumption theory Economic growth Empirical tests Europe Habit formation Habits Output inefficiency Output rate U.S.A |
| title | Idle worship |
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