Name of this theory?

This theory has been bugging me all day. I've looked all over google and still can't think of the name of it, so hopefully someone will be able to help.
What is the economical name for when people reach a certain level of income that they are satisfied with and want to trade more work hours for leisure hours, as this has now become more important to them.

Thanks :smile:

Reply 1

keeleyt97

It's to do with the Backward Bending Labour Supply Curve if that helps

Reply 2

BobbyFlay

This might be what you are referring to, hope this helps!
https://en.wikipedia.org/wiki/Backward_bending_supply_curve_of_labour

Reply 3

samm98

Original post by keeleyt97

It's to do with the Backward Bending Labour Supply Curve if that helps

Oh yes, I'd forgotten about that, thanks. I've seen it referred to as the "income substitution effect" online, but I'm sure it's also called something else. I should probably move on now, it's just really annoying me haha.

Reply 4

samm98

Original post by BobbyFlay

This might be what you are referring to, hope this helps!
https://en.wikipedia.org/wiki/Backward_bending_supply_curve_of_labour

Yeah someone just said about the backward bending supply curve, which essentially it is, it's just I'm still convinced there's another name for it as well but I'll just have to go with it I suppose. Thanks for the reply anyway :smile:

Reply 5

BobbyFlay