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Evaluating a Prediction on Future Work Habits
In the early 20th century, a prominent economist predicted that due to rapid technological progress and rising wages, people in wealthy countries would be working as little as 15 hours per week by the early 21st century. While working hours have indeed decreased and incomes have risen substantially, this 15-hour work week has not materialized for most.
Based on the economic principles governing the choice between work and leisure, critically evaluate this prediction. In your answer, explain the fundamental trade-off that individuals face when wages increase and discuss at least two distinct reasons why the economist's prediction might have been inaccurate.
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The Economy 1.0 @ CORE Econ
CORE Econ
Ch.3 Scarcity, Work, and Choice - The Economy 1.0 @ CORE Econ
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Introduction to Microeconomics Course
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