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- Publisher
- Wiley
- Copyright
- © 2023 The editors of The Scandinavian Journal of Economics.
- ISSN
- 0347-0520
- eISSN
- 1467-9442
- DOI
- 10.1111/sjoe.12513
- Publisher site
- See Article on Publisher Site
Abstract
We study the consequences of a working time reduction (WTR) in a growth model with efficiency wages and an essential natural resource (natural capital), and in which technical progress cannot reduce the resource content of final production to zero. We show that if natural capital is scarce enough, a WTR increases the long‐term levels of the hourly wage and employment. A numerical analysis of the transitory impacts of a WTR confirms that when natural capital is scarcer, a WTR increases employment more and the hourly wage less, with a less negative initial impact on output.
Journal
The Scandinavian Journal of Economics – Wiley
Published: Jan 1, 2023
Keywords: Fair wage; (limits to) growth; natural capital; unemployment; work sharing