Hours Worked: Long-Run Trends
Jeremy Greenwood and
Guillaume Vandenbroucke ()
No 11629, NBER Working Papers from National Bureau of Economic Research, Inc
For 200 years the average number of hours worked per worker declined, both in the market place and at 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. This note has been prepared for The New Palgrave Dictionary of Economics, 2nd edition, edited by Lawrence E. Blume and Steven N. Durlauf (London: Palgrave Macmillan).
JEL-codes: E24 J22 O11 O33 (search for similar items in EconPapers)
Note: EFG LS
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Working Paper: Hours Worked (Long-Run Trends) (2005)
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