25.7.03

EARLY FRIDAY GETAWAYS. India West looks at the thesis that labor is a normal good. (Your mileage may vary. Just about every introductory economics course I have taught looks at the curious case of labor supply, and most of my colleagues look at it as well.) To be sure, higher wages raise the opportunity cost of goofing off, but they also enable the seller to enjoy more money and more goofing off. The heirs to Herbert Croly in Europe are erring in attempting to mandate time-off. They might complain about the notionally Dickensian work schedules in the United States, but good luck finding anybody in the office this afternoon. (Gorgeous afternoon, the pool beckons. The wind is sufficient to race sailboats without playing too much havoc with golf shots.)

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