About: Paradox of toil

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The paradox of toil is the economic hypothesis that, under certain conditions, total employment will shrink if there is an increased desire among the population to take on paid work. According to the macroeconomist , this occurs when "the short-term nominal interest rate is zero and there aredeflationary pressures and output contraction". When wages are pushed down by the simultaneous efforts of everyone in the labor force to work more even at lower wages, with interest rates against the zero bound, demand must fall because the only source of added demand would be added credit to compensate for those lower wages, credit which cannot be made available on any looser terms; this loss of demand from lower wages leads to a loss of jobs. The belief that there must necessarily be more work availa

Attributes	Values
rdf:type	yago:Abstraction100002137 yago:Communication100033020 yago:Contradiction107206887 yago:Falsehood106756407 yago:Message106598915 yago:Paradox106724559 book yago:Statement106722453 yago:WikicatEconomicsParadoxes
rdfs:label	Paradox of toil (en)
rdfs:comment	The paradox of toil is the economic hypothesis that, under certain conditions, total employment will shrink if there is an increased desire among the population to take on paid work. According to the macroeconomist , this occurs when "the short-term nominal interest rate is zero and there aredeflationary pressures and output contraction". When wages are pushed down by the simultaneous efforts of everyone in the labor force to work more even at lower wages, with interest rates against the zero bound, demand must fall because the only source of added demand would be added credit to compensate for those lower wages, credit which cannot be made available on any looser terms; this loss of demand from lower wages leads to a loss of jobs. The belief that there must necessarily be more work availa (en)
dcterms:subject	Keynesian economics Labour economics Paradoxes in economics
Wikipage page ID	31575432 (xsd:integer)
Wikipage revision ID	1003219656 (xsd:integer)
Link from a Wikipage to another Wikipage	Casey Mulligan Paul Krugman Paul Samuelson Baumol's cost disease Liquidity trap Keynesian economics Financial Times Fallacy of composition The Economist Labour economics John Maynard Keynes Paradoxes in economics Paradox of flexibility Paradox of thrift dbr:Gauti_Eggertsson ZIRP
Link from a Wikipage to an external page	https://www.economist.com/blogs/freeexchange/2009/12/up_is_down https://www.economist.com/blogs/freeexchange/2010/03/paradox_toil http://blogs.ft.com/money-supply/2009/12/15/the-paradox-of-toil/%3FAuthorised=false
sameAs	Paradox of toil Paradox of toil Paradox of toil Paradox of toil
dbp:wikiPageUsesTemplate	dbt:Reflist dbt:Use_dmy_dates dbt:Economic_paradoxes
has abstract	The paradox of toil is the economic hypothesis that, under certain conditions, total employment will shrink if there is an increased desire among the population to take on paid work. According to the macroeconomist , this occurs when "the short-term nominal interest rate is zero and there aredeflationary pressures and output contraction". When wages are pushed down by the simultaneous efforts of everyone in the labor force to work more even at lower wages, with interest rates against the zero bound, demand must fall because the only source of added demand would be added credit to compensate for those lower wages, credit which cannot be made available on any looser terms; this loss of demand from lower wages leads to a loss of jobs. The belief that there must necessarily be more work available if wages drop is an example of the fallacy of composition. The paradox of toil was proposed by Gauti Eggertsson in 2009. The term was coined to parallel the "paradox of thrift", a concept resurrected by John Maynard Keynes and popularized under that name by Paul Samuelson. (en)
gold:hypernym	Hypothesis
prov:wasDerivedFrom	wikipedia-en:Paradox_of_toil?oldid=1003219656&ns=0
page length (characters) of wiki page	6298 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Paradox_of_toil
is Link from a Wikipage to another Wikipage of	Paul Krugman Baumol's cost disease Toil Paradox of flexibility Paradox of thrift
is Wikipage disambiguates of	Toil
is foaf:primaryTopic of	wikipedia-en:Paradox_of_toil

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