We take U.S. and Israeli household data on expenditures of time and goods, generate an exhaustive set of commodities that households produce/consume using them, and calculate their relative goods intensities. Leisure activities are uniformly relatively time intensive, health, travel and lodging relatively goods intensive. We demonstrate how education and age alter the goods intensity of household production. The results of this accounting can be used as guides to: Understanding how goods and income taxation interact to affect welfare; expanding notions of the determinants of international flows of goods; generating models of business cycles and endogenous growth to include interactions of goods and time consumption; and obtaining better measures of the distribution of well being.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
9650.
Length: Date of creation: Apr 2003 Date of revision: Publication status: published as "Time vs. Goods: The Value of Measuring Household Production Technologies" Gronau, Reuben; Hamermesh, Daniel S.; Review of Income and Wealth, March 2006, v. 52, iss. 1, pp. 1-16 Handle: RePEc:nbr:nberwo:9650
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Find related papers by JEL classification: J1 - Labor and Demographic Economics - - Demographic Economics E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
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