Labor supply

For economists, "labor supply" usually means the hours of work, usually per week, offered for pay or profit. This definition therefore excludes unpaid household work and voluntary work. Usually, the question of labor-force participation (the question of whether a person is working or looking for work) is treated separately. Research on both the theoretical and applied labor supply exploded in the 1980s and 1990s, with the work ranging from models of individual behavior in a static one-period model to dynamic multi-period models for a household