Emulation, Inequality, and Work Hours: Was Thorsten Veblen Right?

Employment and Hours of Work

This paper develops a dynamic model of the labor market in which the degree of substitution between employment and hours of work is determined as part of a search equilibrium. Each firm chooses the demand for working hours and the number of vacancies, and the hourly wage rate is determined by Nash bargaining. A firm increases the demand for hours as recruitment becomes more costly. Labor market...

Hours of Work

Job Search, Hours Restrictions and Desired Hours of Work

We present a structural empirical job search model in which job offers are characterized by a wage rate and the length of the working week. The unemployed accept a job if the direct utility leve1 of the wage-hours combination is higher than the reservation utility level. The latter is determined by the direct utility of being unemployed (depending on the value of leisure and the benefit level) ...

Was Einstein 100% Right ? *

The confrontation between General Relativity and experimental results, notably binary pulsar data, is summarized and its significance discussed. The agreement between experiment and theory is numerically very impressive. However, some recent theoretical findings (existence of non-perturbative strong-field effects, natural cosmological attraction toward zero scalar couplings) suggest that the pr...

Fisher Was Right