A Neglected Ricardian Aspect Of Labor Supply

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Date
1976
Authors
Adams, James
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Economics

The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).

History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.

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1898–present

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  • Department of Economic Science (1898–1910)
  • Department of Economics and Political Science (1910-1913)
  • Department of Applied Economics and Social Science (1913–1924)
  • Department of Economics, History and Sociology (1924–1931)
  • Department of Economics and Sociology (1931–1967)

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Abstract

Consider a labor market, or closely related set of such markets, in which a labor service is sold to buyers with differing characteristics, who combine it with other inputs to manufacture consumer's or producer's goods. We assume (and it is a crucial assumption) the service to be tied to, or embodied in, the buyers. We refer.to the service as an embodied labor service, to Indicate the Impossibility of resale. The question arises, how do suppliers distribute themselves among buyers? What factors determine trading with a larger number of demanders more extensively, as opposed to a smaller number more intensively? The problem bears a resemblance to Rlcardo's famous analysis of the cultivation of land, here, an individual buyer represents the Intensive margin, and the number of buyers a supplier deals with, the extensive margin, but the analogous issue remains, whether to trade more intensively or more extensively.

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