English, Article, Journal or magazine article edition: Hours Worked: Long-Run Trends Jeremy Greenwood; Guillaume Vandenbroucke

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Bookmark: http://trove.nla.gov.au/version/140024
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Hours Worked: Long-Run Trends
Author
  • Jeremy Greenwood
  • Guillaume Vandenbroucke
Physical Description
  • preprint
Notes
  • For 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.
  • Hours worked, leisure, housework, household production, Edgeworth-Pareto complementarity/​substitutability, technological progress
  • RePEc:eag:rereps:10
  • 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).
  • RePEc:nbr:nberwo:11629
Language
  • English
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