5_Labor Supply 4 - Introduction to Labor Economics Lifetime...

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     Introduction to Labor Economics    
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 Lifetime labor supply Retirement Social Security Household labor supply Comparative advantage Family formation and fertility
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    Years of Retirement Lifetime C Annual w
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    Work becomes more difficult at older ages Increasing disutility of work Demand side constraints may prevent smooth consumption of L Firms desire fulltime workers Skills may depreciate during breaks Financial incentive Benefits to fulltime workers Retirement programs and Social Security
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                         
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  Social Security Act of 1935 True social insurance – help the “unlucky” 1960’s – introduced an early retirement age of 62 1970’s – serious COLA mistakes, “notch babies” 1980’s – provisions to raise the normal retirement age to 67
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    Years of Retirement Lifetime C Annual w
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   Years of Retirement Lifetime C Annual w
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     Years of Retirement Lifetime C Annual w
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   
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   
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   Women’s labor supply Model of household labor supply Family formation (marriage) Fertility Policy Relevance
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    
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