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Examining the "Lump of Labor" Fallacy Using a Simple Economic Model
Abstract: 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.
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Provider: Federal Reserve Bank of St. Louis
Part of Series: Page One Economics Newsletter
Publication Date: 2020-11