Abstract
The analysis of labour supply is placed in a general framework within which empirical models and their resulting elasticity estimates can be interpreted. An explicitly intertemporal life-cycle structure is developed for the choice of hours and participation. The relationship between economic substitution effects found in the labour supply literature and wage impacts on different concepts of employment is considered. We provide a separate discussion of the main issues surrounding the analysis of family labour supply and the analysis of the impact of taxation. We conclude with a discussion on the interpretation of labour supply elasticities for policy analysis.
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