David Autor on the Future of Work and Polanyi's Paradox
EconTalk
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The Elasticity of Labor Supply
The reason is that there's just all evidence to the contrary. There seems to be a finite amount that we can eat, right? That's correct. And then the, again, many of the professions, right, you think they, people seem to demand more of them as they get better - medical care or a lot of professional outputs. The third factor that I think is extremely important is kind of the elasticity of labor supply. So if there's an increase in demand for medical doctors or they become more productive so people are more willing to go to the doctor,.
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