recent paper

["William B. Ryan" <william_b_ryan@xxxxxxxxx>]

Frances Hutchinson's and Brian Burkitt's recent paper http://www.geocities.com/new_economics/hutchinson-burkitt-07-2002.pdf
fits very nicely with the themes of Post Keynesianism.

An excerpt:

"Above a certain minimum income, higher wage rates may draw forth an increased supply of labour, resulting in a rising supply schedule as the textbooks suggest. However, at an increased wage rate the worker enjoys a greater income for any given number of hours expended. If this income effect exceeds the substitution effect (of more highly remunerated labour for leisure), a backward-sloping supply function for labour will occur. In these circumstances workers exercise their freedom to acquire leisure by reducing the number of hours worked. Reverse labour supply schedules may preclude the existence of an determinate equilibrium wage."



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