Lazear, Edward P., Shaw, Kathryn L. and Stanton, Christopher (2014) Making do with less: working harder during recessions. CEP Discussion Papers (CEPDP1321). London School of Economics and Political Science. Centre for Economic Performance, London, UK.
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Abstract
Why did productivity rise during recent recessions? One possibility is that average worker quality increased. A second is that each incumbent worker produced more. The second effect is termed “making do with less.” Using data from 2006 to 2010 on individual worker productivity from a large firm, these effects can be measured and separated. For this firm, most of the gain in productivity during the recession was a result of increased effort. Additionally, the increase in effort is correlated with the increase in the local unemployment rate, presumably reflecting the costs of losing a job.
| Item Type: | Monograph (Discussion Paper) |
|---|---|
| Official URL: | http://cep.lse.ac.uk/_new/publications/series.asp?... |
| Additional Information: | © 2014 The Authors |
| Divisions: | Centre for Economic Performance |
| Subjects: | H Social Sciences > HC Economic History and Conditions |
| JEL classification: | D - Microeconomics > D2 - Production and Organizations > D20 - General E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations; Cycles L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L22 - Firm Organization and Market Structure: Markets vs. Hierarchies; Vertical Integration; Conglomerates; Subsidiaries M - Business Administration and Business Economics; Marketing; Accounting > M5 - Personnel Economics > M50 - General |
| Date Deposited: | 06 Jan 2015 15:27 |
| Last Modified: | 13 Sep 2024 20:29 |
| Funders: | Economic and Social Research Council |
| URI: | http://eprints.lse.ac.uk/id/eprint/60617 |
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