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Work Behavior of the World's Poor - Theory, Evidence and Policy (Hardcover)
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Work Behavior of the World's Poor - Theory, Evidence and Policy (Hardcover)
Series: Routledge Revivals
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This title was first published in 2003. The working poor of the
world are observed to engage in long hours in hard jobs and to work
more if wages are further reduced. Mainstream economics brushes off
this tendency to increase labour supply as wages fall as perverse
because it does not fit the conventional wisdom and tries to
explain it as a result of "subsistence mentality", "limited
aspiration", or "target income" behaviour of the poor. This however
ignores the observed fact that the poor work long hard hours but
most of the time, fail to meet their minimum needs of subsistence
and live impoverished lives in absolute poverty deficient of both
food and physical rest. This book postulates that the observed
behaviour is the result of economic distress the working poor
suffer and analyses it as a rational behaviour using the
conventional utility maximization framework and derives both
theoretical and empirical results consistent with the observation.
This book aims to correct a serious misconception persisting in the
literature relating to the working-poor labour-supply behaviour
that is almost universally observed. It also goes onto develop,
using the supply function, a methodology to determine the standard
of subsistence income and physical rest for the worker.
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