I need support with this Economics question so I can learn better.Read the article, “The Carnegie Conjecture: Some Empirical Evidence”
by Douglas Holtz-Eakin and David Joulfain in the Quarterly Journal of Economics
(1993). Refer to it in answering the following questions:
What would standard neoclassical labor supply theory predict to be the
impact of receiving an inheritance on labor supply? Would a recipient
work more or less? Draw a diagram to illustrate your answer
Describe in detail the type of data that the authors use to test the Carnegie
Conjecture empirically. How do they decide whether or not inheritances
affect labor supply? What are their methods?
In the end, what is the conclusion that the authors draw from the data?
Requirements: Please answer with labor supply knowldege