This is interesting but I'm not sure that one Ed Prescott paper is sufficient to reject adjusting for hours worked out of hand.
But I'd be interested in whether lower hours worked could reflect unemployment or barriers to labour market entry, rather than folks clocking off at five and taking a nice amount of holiday.
This is interesting but I'm not sure that one Ed Prescott paper is sufficient to reject adjusting for hours worked out of hand.
But I'd be interested in whether lower hours worked could reflect unemployment or barriers to labour market entry, rather than folks clocking off at five and taking a nice amount of holiday.
Yeah the jury is still out on that one.