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Examining the “Lump of Labor” Fallacy Using a Simple Economic Model | Education | St. Louis Fed

Examining the “Lump of Labor” Fallacy Using a Simple Economic Model | Education | St. Louis Fed

The lump of labor fallacy holds that there is a fixed amount of work to be done, which determines the number of jobs in an economy. If this were true, new jobs could not be generated, just reallocated. This essay provides some clear thinking about the role of labor in an economy.

Keywords:
Productivity, Factors of Production/Productive Resources, Markets, Physical Capital
Disciplines:
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More about this material

Material Type:
Assignment
Date Added to MERLOT:
December 16, 2020
Date Modified in MERLOT:
September 16, 2021
Author:
 
Submitter:
Adrienne Brennecke
Primary Audience:
Middle School, High School, College General Ed, College Lower Division, College Upper Division
Technical Format:
PDF
Mobile Compatibility:
Not specified at this time
Language:
English
Cost Involved:
No
Source Code Available:
No
Creative Commons:
Creative Commons License
This work is licensed under a Attribution-NonCommercial-NoDerivatives 4.0 International

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