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Labor Supply Price, Market Wage, and the Social Opportunity Cost of Labor

There is a substantial body of literature on the social opportunity cost of labor.' A major shortcoming of some of this literature is that it identifies the concept of social opportunity cost of labor (SOCL) only with forgone output, or the wage paid at the previous job, ignoring nonmonetary compensations. This limitation is particularly important in the case of public projects that result in workers moving from one region to another. Generally, different locations have different degrees of attractiveness, and the monetary compensation required to attract a worker to a new job may be larger or smaller than the monetary compensation of the worker's previous job. Moreover, if the forgone output concept is used to measure the SOCL in the case where a previously unemployed worker takes a job, it may be tempting to value the SOCL at zero since there is no output loss. It is obvious that workers attribute some value to their time, even if they were previously unemployed; otherwise they would be willing to work for free. In this article, the labor market will be looked at as a group of interrelated markets in which workers find differences in nonmonetary compensations. Private costs can be different from social costs if there are market distortions or externalities. In line with Harberger's three basic postulates of applied welfare economics, the SOCL has two main components.2 First, the cost of attracting a worker to the job in question (labor supply price). Second, the welfare effect that results from disturbing related markets subject to externalities or distortions.