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Text of the page (random words):
o elasticity is used to refer to the intensive margin elasticity of hours conditional on employment 3 the frisch elasticity of labor supply is important for economic analysis and for understanding business cycle fluctuations it also controls intertemporal substitution responses to fluctuations of wage moreover it determines the reaction of effects to fiscal policy interventions taxation or money transfers 4 definition edit let h t displaystyle h_ t denote a worker s labor supply in a given time t displaystyle t w t displaystyle w_ t their wage and λ t displaystyle lambda _ t their marginal utility from wealth the frisch elasticity fe is given by f e h t w t w t h t log h t log w t λ t c o n s t displaystyle fe frac partial h_ t partial w_ t frac w_ t h_ t frac partial log h_ t partial log w_ t biggl _ lambda _ t const 5 the overall effect of the frisch elasticity can be distinguished into extensive and intensive the extensive effect can be explained as a decision whether to work at all the intensive effect refers to a decision of an employee on the number of hours to work 5 under certain circumstances a constant marginal utility of wealth implies a constant marginal utility of consumption moreover the frisch elasticity corresponds to the elasticity of substitution of labor supply 5 difference with the general concept of elasticity of labor supply edit elasticity of labor supply in general refers to the responsiveness of labor supply to changes in the wage rate measured as the percentage change in the quantity of labor supplied divided by the percentage change in the wage rate 6 the frisch elasticity of labor supply is a specific type of elasticity of labor supply that considers the intertemporal substitution of work effort that is it takes into account the effects of temporary changes in income on the amount of work that people are willing to supply 7 applications edit governments can use the frisch elasticity to determine the effectiveness of policies aimed at increasing employment and reducing unemployment for example a policy that increases wages in a certain sector can increase labor supply but the extent of the increase will depend on the frisch elasticity similarly policies aimed at reducing taxes or increasing welfare benefits can also have an impact on the frisch elasticity of labor supply 8 moreover the frisch elasticity can help policymakers understand the impact of technological change on the labor market technological change can increase the productivity of labor which can lead to an increase in wages however it can also lead to a reduction in the demand for labor in certain sectors which can lead to unemployment the frisch elasticity can help policymakers understand the extent to which workers will respond to changes in wages 9 value edit meta analyses of the literature find that the frisch elasticity is positive meaning that an increase in wages leads to an increase in labor supply if instead the frisch elasticity were for example 0 5 a 10 increase in wages would lead to a 5 increase in labor supply measured as the amount of hours worked a frisch elasticity of 0 would indicate that workers do not respond to changes in wages while a frisch elasticity of 1 would mean that workers are highly responsive to changes in wages the magnitude of the frisch elasticity is typically between 0 and 1 indicating that the increase in labor supply is less than proportional to the increase in wages 10 estimates of price elasticity of labor supply range around 0 7 1 8 when considering labor force participation rate 11 heterogeneity edit values of the frisch elasticity vary depending on the population being analyzed 12 different groups of workers may have different frisch elasticities due to differences in preferences job opportunities and other factors for example workers with higher levels of education and training may have higher frisch elasticities than workers with lower levels of education and training because they may have more flexibility in their job options and may be able to switch between different types of jobs more easily similarly workers in certain industries or occupations may have higher frisch elasticities than workers in other industries or occupations for instance workers in industries that experience rapid technological change may have higher frisch elasticities because they are more likely to be affected by fluctuations in wages due to changes in technology moreover other factors such as income level gender and age can also affect the frisch elasticity of labor supply and the direction of the effect is ex ante unclear for instance low income workers may have lower frisch elasticities because they may have fewer job opportunities or may face greater financial constraints that make it harder for them to adjust their labor supply in response to wage changes conversely low income workers may instead more likely to have to work to make ends meet and therefore may be more responsive to changes in wages leading to a higher frisch elasticity women may also have different frisch elasticities compared to men due to differences in labor market opportunities and social norms surrounding work and family older workers may have lower frisch elasticities than younger workers because they may have stronger preferences for leisure time or may be less willing or able to retrain for new jobs finally countries with lower levels of social welfare provision tend to have higher frisch elasticities arguably because workers in countries with more limited social welfare benefits may have fewer alternatives to working and may be more willing to supply labor even when wages are low in contrast workers in countries with more comprehensive social welfare systems may have more options and be less likely to work in low wage jobs 13 see also edit king plosser rebelo preferences labor supply elasticity of substitution labor economics marginal revenue productivity theory of wages human capital theory references edit heer burkhard alfred maussner 2005 dynamic general equilibrium modelling springer p 192 isbn 978 3 540 22095 4 kimball miles s shapiro matthew d july 2008 labor supply are the income and substitution effects both large or both small nber working paper no 14208 doi 10 3386 w14208 chetty raj guren adam manoli day weber andrea 2011 are micro and macro labor supply elasticities consistent a review of evidence on the intensive and extensive margins the american economic review 101 3 american economic association 471 475 doi 10 1257 aer 101 3 471 jstor 29783791 s2cid 218654584 via jstor céspedes reynaga nikita rendon silvio the frisch elasticity in labor markets with high job turnover pdf iza institute of labor economics retrieved 9 september 2025 1 2 3 elminejad a havranek t horvath r 2020 publication and identification biases in measuring the intertemporal substitution of labor supply ies working papers 32 2020 ies fsv charles university openstax 2023 5 4 elasticity in areas other than price principles of microeconomics 3 ed openstax rice university retrieved 2026 03 29 chetty raj guren adam manoli day weber andrea 2011 are micro and macro labor supply elasticities consistent a review of evidence on the intensive and extensive margins the american economic review 101 3 american economic association 471 475 doi 10 1257 aer 101 3 471 jstor 29783791 s2cid 218654584 via jstorsection 1 cite journal cs1 maint postscript link keane michael p 2011 labor supply and taxes a survey journal of economic literature 49 4 961 1075 doi 10 1257 jel 49 4 961 jstor 41494705 s2cid 154330912 afonso óscar 2025 frisch elasticity directed technical change and automation a unified framework for wage polarization and skill premium dynamics bulletin of economic research wiley online library blundell richard macurdy thomas 1999 labor supply a review of alternative approaches handbook of labor economics 3 elsevier 1559 1695 doi 10 1016 s1573 4463 99 30036 1 retrieved 2024 06 10 tables 1 and 2 cite journal cs1 maint postscript link keane michael p 2022 recent research on labor supply implications for tax and transfer policy labour economics 77 102026 doi 10 1016 j labeco 2021 102026 hdl 1959 4 unsworks_80539 retrieved 25 july 2025 chetty raj guren adam manoli dayanand weber andrea 2013 does indivisible labor explain the difference between micro and macro elasticities a meta analysis of extensive margin elasticities nber macroeconomics annual 27 1 university of chicago press 1 56 doi 10 1086 669171 retrieved 2024 06 10 last paragraph in p 11 cite journal cs1 maint postscript link bick alexander brüggemann bettina fuchs schündeln nicola 2019 hours worked in europe and the united states new data new answers the scandinavian journal of economics 121 4 wiley 1381 1416 doi 10 1111 sjoe 12322 retrieved 2024 06 10 further reading edit frisch ragnar 1932 new methods of measuring marginal utility tübingen mohr frisch ragnar 1959 a complete scheme for computing all direct and cross demand elasticities in a model with many sectors econometrica 27 2 177 196 doi 10 2307 1909441 jstor 1909441 shimer robert 2010 labor markets and business cycles princeton university press pp 1 19 isbn 978 1 4008 3523 2 whalen caitlin reichling felix 2017 estimates of the frisch elasticity of labor supply a review eastern economic journal 43 1 37 42 doi 10 1057 eej 2015 23 jstor 45199486 diamond john w zodrow george 2021 background information key elasticities in the diamond zodrow model report rice university s baker institute for public policy hdl 1911 114735 v t e employment classifications academic tenure casual contingent work full time job gig worker job sharing part time job self employment side job skilled worker journeyman technician tradesperson independent contractor labour hire temporary work laborer wage labour hiring application background check business networking cover letter curriculum vitae drug testing employment contract employment counsellor executive search list induction programme job fair job fraud job hunting job interview letter of recommendation onboarding overqualification person environment fit personality job fit theory personality hire probation realistic job preview recruitment résumé simultaneous recruiting of new graduates underemployment work at home scheme roles cooperative employee employer internship job labour hire permanent employment supervisor volunteering working class blue collar green collar grey collar pink collar precariat white collar red collar new collar no collar orange collar scarlet collar black collar gold collar career and training apprenticeship artisan master craftsman avocation career assessment career counseling career development coaching creative class education continuing education e learning employability further education graduate school induction training knowledge worker licensure lifelong learning overspecialization practice based professional learning professional association professional certification professional development professional school reflective practice retraining vocational education vocational school vocational university mentorship occupational outlook handbook practice firm profession operator professional tradesman vocation attendance break break room career break coffee badging compassionate leave bereavement leave furlough gap year leave of absence long service leave no call no show sabbatical sick guilt sick leave stress leave tardiness time clock schedules four day week eight hour day 35 hour workweek 996 working hour system flextime hybrid creep on call overtime remote work return to office rto six hour day shift work working time workweek and weekend wages and salaries decoupling of wages from productivity frisch elasticity of labor supply global labor arbitrage labour economics labor share labour supply living wage maximum wage median income minimum wage canada hong kong europe united states national average salary world europe pay bands price elasticity of demand progressive wage singapore overtime rate paid time off performance related pay remuneration salary cap wage growth benefits annual leave casual friday child care disability insurance health insurance life insurance marriage leave parental leave pension by country perk cession sick leave united states take home vehicle well being washing taxes payroll tax tax bracket income tax negative disposable income salary packaging unreported employment safety and health crunch epilepsy and employment human factors and ergonomics karoshi list of countries by rate of fatal workplace accidents occupational burnout occupational disease occupational exposure limit occupational health psychology occupational injury occupational noise occupational stress personal protective equipment repetitive strain injury right to sit united states sick building syndrome work accident occupational fatality workers compensation workers right to access the toilet workplace health promotion workplace phobia workplace wellness equal opportunity affirmative action discrimination equal pay for equal work gender pay gap glass ceiling infractions corporate collapses and scandals accounting scandal control fraud corporate behaviour corporate crime exploitation of labour dress code employee handbook employee monitoring evaluation labour law sexual harassment sleeping while on duty wage theft whistleblower workplace bullying workplace harassment workplace incivility willingness boreout careerism civil conscription conscription critique of work dead end job employment rate list job satisfaction mcjob organizational commitment refusal of work slavery bonded labour human trafficking labour camp penal labour peonage truck wages unfree labour wage slavery stay interview workforce work ethic work life interface downshifting slow living workaholic termination at will employment dismissal banishment room constructive dismissal wrongful dismissal employee offboarding employee turnover exit interview labour market flexibility layoff xiagang notice period pink slip resignation letter of resignation restructuring retirement mandatory retirement retirement planning retirement spend down severance package golden handshake golden parachute unemployment barriers to entry discouraged worker economic depression great depression long depression frictional unemployment full employment graduate unemployment involuntary unemployment jobless recovery neet phillips curve recession great recession job losses caused by the great recession lists of recessions recession proof job reserve army of labour structural unemployment technological unemployment types of unemployment unemployment benefits unemployment convention 1919 unemployment extension list of countries by unemployment rate wage curve youth unemployment public programs workfare unemployment insurance make work job job creation program job creation index job guarantee employer of last resort guaranteed minimum 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