Theory On Working Time
In 1909, Chapman presented his theory on working time, fatigue and productivity at the conference of the Section on Economic Science and Statistics of the British Association for the Advancement of Science. The theory was subsequently published as "Hours of Labour" in the September 1909 issue of the Economic Journal. Chapman's analysis came to be regarded as the "classical statement of the theory of 'hours' in a free market" (John Hicks). Arthur C. Pigou restated Chapman's argument in his influential textbook, Economics of Welfare. Alfred Marshall referred to Chapman's analysis as authoritative, as did Lionel Robbins. Concluding a reference to Chapman and Pigou on the hours of labour, Hicks declared, "There is very little that needs to be added to the conclusions of these authorities."
The fact that both the intensity and the duration of work vary makes it hard for economists to calculate the returns to various factors of production. So, in the 1930s, Hicks introduced a simplifying assumption that the given hours of work are optimal. He cautioned that after performing the calculations, it would be necessary for the analyst to "think back" from the simplification to more realistic assumptions. Instead, however, economists have come to regard the simplification as an adequate description of reality, although it is counter to what the actual theory suggests is the case.
Read more about this topic: Sydney Chapman (economist)
Famous quotes containing the words theory, working and/or time:
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