| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11424 |
| DP11424 Time-poor, working, super-rich | |
| Giacomo Corneo | |
| 发表日期 | 2016-08-01 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper revisits the standard model of labor supply under two additional assumptions: consumption requires time and some limited amount of work is enjoyable. Whereas introducing each assumption without the other one does not produce novel insights, combining them together does if the wage rate is sufficiently high. For top earners, work has a positive marginal utility at the optimum and above a critical wage level it converts into a pure consumption good. Their labor-supply curve is first backward bending and then vertical. This can justify an optimal marginal tax rate on top incomes equal to 100 percent. Top earners in the vertical half-line of the labor-supply curve optimally refrain from spending their entire income. At the macroeconomic level, this can generate a lack of effective demand. With some qualifications, these findings carry over to models that incorporate savings and philanthropy. |
| 主题 | Public Economics |
| 关键词 | Labor supply Time allocation Super-rich Optimal taxation of top labor incomes Effective demand |
| URL | https://cepr.org/publications/dp11424 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540238 |
| 推荐引用方式 GB/T 7714 | Giacomo Corneo. DP11424 Time-poor, working, super-rich. 2016. |
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