Can you construct your own supply curve of labor?

[phk]

I was curious and constructed mine with estimated wages (in units of dollars) and hours.

There are fundamental concepts in Labor Economics that are included in the graph. which ensure that the graph is backward bending.

[phk]

What do you mean 'your own'?

Do exactly what I did but for yourself.

[phk]

What do you mean 'your own'?

Do exactly what I did but for yourself.

Christ who knows.  It all depends on how much money one has.  If one has enough to live from ones stipend one never thinks of working.  If one has no stipend, then one must work for whatever they'll give one.

It is a kind of bizarre idea that anyone has much choice regarding the issue of work or pay.

Well the general concept is that early on, wage increases will induce you to work more which means you are substituting leisure for work. This phenomenon is called the substitution effect.

Than we get to a point where you're work hours are maximized and thus your leisure is minimized.

After this point, wage increases will actually induce you to work less and you substitute work for leisure. This phenomenon is called the income effect.

Thus this gives one the backward bending supply of labor.

[phk]

Was yours hours per day or per week?  

Hours per day is the units I used. It needn't be, since I could aggregate it to weeks, months, years, etc.

As long as the units are realistic and the numbers sane, its a good graph.

[phk]

What do you mean 'your own'?

Do exactly what I did but for yourself.

Christ who knows.  It all depends on how much money one has.  If one has enough to live from ones stipend one never thinks of working.  If one has no stipend, then one must work for whatever they'll give one.

It is a kind of bizarre idea that anyone has much choice regarding the issue of work or pay.

Heh. Good point... Wealth effects should be taken into account.

[phk]

Given the numbers on Rocket's  right vertical axis, I doubt that I would even bother to get out of bed.

Heh... I'd be curious as to your supply.

[phk]

Given the numbers on Rocket's  right vertical axis, I doubt that I would even bother to get out of bed.

Around maybe $150 an hour net, I would guess, and if it gets more than about 20 hours a week, than about double that, unless it is a very interesting project. I actually like working my trade, as long as it does not interfere to much with other activities that I am into, like getting ripped. And yes, I am one lucky guy.

Probably the correct term is 'privileged', rather than lucky, but yes, you are.  The wage rates on phnkrocket's chart are actually above normal for the vast majority of americans.

Oh and btw, am I the only one that finds the term 'ripped' disgusting?

As a young Indian kid, I was fixing computers for $50 a pop at age 16. Must have created a wealth effect heh.

Hopefully my CFA days are soon here, so I can earn potentially $150k salaried and maybe some more in investments.