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By James M. Buchanan

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My decision to increase the number of hours worked per week is different from my decision to increase the rate of saving out of my current income, both in terms of my own sense of utility or satisfaction and in the ultimate economic effects on others than me. These differences require examination in some detail. In section II, I review, very briefly, the origins of the widespread public and professional dissatisfaction with current rates of saving in the United States and the accompanying normative agreement that saving rates are too low and should be increased.

Work ethic.  Title. 4dc20 93-31846 CIP The paper in this book meets the guidelines for permanence and durability of the Committee on Production Guidelines for Book Longevity of the Council on Library Resources, Inc. Copyright © 1994 by the University of Oklahoma Press, Norman, Publishing Division of the University. All rights reserved. A. 2 3 4 5 6 7 8 9 10 11 Page v CONTENTS Preface vii Part I Three Lectures 1 Chapter 1. We Should All Work More: The Economic Value of the Work Ethic 5 Chapter 2.

But this neoclassical construction does not allow for change in the size of the whole economy, in the network of exchange, and hence for the necessary shifts in technology of production that such size changes might generate. That is to say, the neoclassical theory of economic Page 22 interaction tells us nothing at all about the effects of changes in the overall or inclusive size of the economy, which, as noted above, is precisely what happens when there is an increase in the supply of labor inputs to the market.

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