SamuelRSmith said:
"Work is, arguably, an inferior good, whilst leisure, its alternative, is a normal good. The higher an individual's income, the less willing he or she is to work." I can see this with my dad. When he earned little (below the minimum wage... because it was before the minimum wage) he worked six days a week and he worked overtime most nights. This is because the extra money, which, although wasn't a lot, was a lot to him relatively. Now, he only works 4-41/2 days a week (and that's starting to drop a little for more golf) because he doesn't need the extra money |
Yeah, his logic does not fail. What he is posting about is often called the "backward bending labor curve." The backward bending curve is quite simple: as a worker earns more income, a worker is likely to spend a portion of that income buying more leisure time and therefore working less.
