Hours Worked (Long-Run Trends)
AbstractFor 200 years the average number of hours worked per worker declined, both in the market place and in the home. Technological progress is the engine of such transformation. Three mechanisms are stressed: (i) The rise in real wages and its corresponding wealth effect; (ii) The enhanced value of time off from work, due to the advent of time-using leisure goods; (iii) The reduced need for housework, due to the introduction of time-saving appliances. These mechanisms are incorporated into a model of household production. The notion of Edgeworth-Pareto complementarity/substitutability is key to the analysis. Numerical examples link theory and data.
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Bibliographic InfoPaper provided by Economie d'Avant Garde in its series Economie d'Avant Garde Research Reports with number 10.
Length: 14 pages
Date of creation: Jun 2005
Date of revision:
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Web page: http://www.jeremygreenwood.net/EAG.htm
Hours worked; leisure; housework; household production; Edgeworth-Pareto complementarity/substitutability; technological progress;
Other versions of this item:
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-07-02 (All new papers)
- NEP-BEC-2006-07-02 (Business Economics)
- NEP-MAC-2006-07-02 (Macroeconomics)
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