The Economics of Choice: Even the High Priests of Business-Economists-Struggle with Placing a Value on Work and Home

Article

  (2000, AQP)  

AQP News for a Change    Vol. 4    No. 8
QICID: 18354    August 2000    pp. 1-4
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Article Abstract

[This article may be available for free to Teamwork & Participation Forum members on the "Members-Only" portion of ASQ's website.]
[pages 1, 3-5]

Assistant economics professor Steve Elliott, Ph.D.; author Peter Block; and Dr. Cathy Kramer, former Teamwork & Participation Forum executive director, discussed the economics of choice with News for a Change editor Bill Brewer. Elliott noted the problem economists have predicting individual choices. Personal preferences are not logically ordered. In addition, economic models that evaluate work preferences have not caught up with the merging of work and family life. Time, as Block pointed out, can have a different value in different contexts, and employers are shifting from paying for time to paying for jobs.

Keywords

Incentive systems,Compensation,Competitiveness,Economics


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