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Production of (Pleasant) Time by Means of (Unpleasant) Time: Some Notes on Consumption Theory and Time Use

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  • Sergio Nisticò

Abstract

The aim of this paper is to propose an analytical framework wherein the individuals' choice problem is addressed in terms of alternative time-consuming activities rather than alternative bundles of goods and services. In particular, the paper reverses Becker's (1965, The Economic Journal, 75 (299), pp. 493–517) proposal to approach the problem of time allocation by transforming the time spent in consumption into foregone earnings. The result of reversing Becker's approach is a model that represents each activity as a sort of productive process allowing pleasant time to be produced by consuming ‘direct’ unpleasant time plus the ‘indirect’ amount of unpleasant time equivalent to the market goods used up as inputs.

Suggested Citation

  • Sergio Nisticò, 2014. "Production of (Pleasant) Time by Means of (Unpleasant) Time: Some Notes on Consumption Theory and Time Use," Metroeconomica, Wiley Blackwell, vol. 65(2), pages 276-297, May.
    • Handle: RePEc:bla:metroe:v:65:y:2014:i:2:p:276-297
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    File URL: http://hdl.handle.net/10.1111/meca.12040
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    1. Nicholas Georgescu-Roegen, 1954. "Choice, Expectations and Measurability," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 68(4), pages 503-534.
    2. Sergio Nisticò, 2005. "Consumption and time in economics: prices and quantities in a temporary equilibrium perspective," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 943-957, November.
    3. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-444, June.
    4. Schelling, Thomas C, 1984. "Self-Command in Practice, in Policy, and in a Theory of Rational Choice," American Economic Review, American Economic Association, vol. 74(2), pages 1-11, May.
    5. Scitovsky, Tibor, 1992. "The Joyless Economy: The Psychology of Human Satisfaction," OUP Catalogue, Oxford University Press, number 9780195073478.
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    1. Nisticò, Sergio, 2015. "Enjoyment takes time: Some implications for choice theory," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 9, pages 1-40.
    2. Nisticò, Sergio, 2020. "Keynes's investment theory as a micro-foundation for his grandchildren," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 14, pages 1-15.
    3. Sergio Nisticò, 2021. "Some notes on Gossen’s “submerged and forgotten” approach to consumption and time," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 28(4), pages 635-653, July.
    4. Marina Bianchi & Sergio Nisticò, 2018. "Shackle: an enquirer into choice," Working Papers 2018-03, Universita' di Cassino, Dipartimento di Economia e Giurisprudenza.

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    More about this item

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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