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The Redistribution RecessionHow Labor Market Distortions Contracted the Economy$
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Casey B. Mulligan

Print publication date: 2012

Print ISBN-13: 9780199942213

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199942213.001.0001

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(p.263) 11 Conclusions
The Redistribution Recession

Casey B. Mulligan

Oxford University Press

This chapter shows what would have happened to work hours per capita if redistribution had remained constant: their decline would have half, or less, than it actually was. Based on the evidence presented in previous chapters, it concludes that incentives still matter in the post-2007 labor market, that there were mutual feedback effects between financial markets and the social safety net. The chapter also refutes the claim that supply-induced recessions should be characterized as pleasant experiences for the unemployed, and explains why the safety net must be examined in its entirety.

Keywords:   financial crisis, labor market, marginal tax rate, redistribution

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