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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  •S o c i a l S e c u r i t y A c t o f 1 9 3 5 True social insurance – help the “unlucky” •1 9 6 0 s i n t r o d u c e d a n e a r l y r e t i r e m e n t a g e o f 6 2 9 7 0 s s e r i o u s C O L A m i s t a k e s , n o t c h b a b i e s 9 8 0 s p r o v i s i o n s t o r a i s e t h e n o r m a l r e t i r e m e n t 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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This note was uploaded on 01/19/2011 for the course ECON ECON 440 taught by Professor Kristinebrown during the Fall '10 term at University of Illinois at Urbana–Champaign.

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

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