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Net Buyers and Sellers of Labor: Linkage Between Monetary and Time Inequality

Author

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  • Dimitry Rtischev

Abstract

Consumption of products and services involves paying for other people’s labor. Since everyone is endowed with 24 hours per day but works and consumes differently, there must exist net sellers and net buyers of time. We theoretically explore the equilibrium pattern of net selling and buying of time in an economy of agents with unequal wealth endowments. After demonstrating how trade in time reduces inequality in wealth but creates inequality in time, we discuss implications and extensions.

Suggested Citation

  • Dimitry Rtischev, 2018. "Net Buyers and Sellers of Labor: Linkage Between Monetary and Time Inequality," Gakushuin Economic Papers, Gakushuin University, Faculty of Economics, vol. 54(4), pages 223-235.
    • Handle: RePEc:abc:gakuep:54-4-2
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    File URL: http://www.gakushuin.ac.jp/univ/eco/gakkai/pdf_files/keizai_ronsyuu/contents/contents2017/5404/5404rtischev/5404rtischev.pdf
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    More about this item

    Keywords

    labor supply; labor demand; leisure; inequality;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand

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