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[PEN-L:8333] Re: Summers Memo



Brad De Long wrote:

>Thus when you say that a given policy move raises real incomes (adjusting
>appropriately for the disutility of work) what you are saying is that that
>policy move raises the level of social welfare as calculated by the
>market--with the rich having so much higher an implicit weight than the
>non-rich.

How does one "adjust appropriately" for the disutility of work?

regards,

Tom Walker
http://www.vcn.bc.ca/timework/worksite.htm



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