Hours Worked: Long-Run Trends / Jeremy Greenwood, Guillaume Vandenbroucke.

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Greenwood, Jeremy

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TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w11629.Publication details: Cambridge, Mass. National Bureau of Economic Research 2005.Description: 1 online resource: illustrations (black and white)Subject(s):

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Abstract: For 200 years the average number of hours worked per worker declined, both in the market placeAbstract: and at home. Technological progress is the engine of such transformation. Three mechanisms areAbstract: stressed:Abstract: (i) The rise in real wages and its corresponding wealth effect;Abstract: (ii) The enhanced value of time off from work, due to the advent of time-using leisure goods;Abstract: (iii) The reduced need for housework, due to the introduction of time-saving appliances.Abstract: 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.Abstract: This note has been prepared for The New Palgrave Dictionary of Economics, 2nd edition, editedAbstract: by Lawrence E. Blume and Steven N. Durlauf (London: Palgrave Macmillan).

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w11629 (Browse shelf(Opens below))	Not For Loan

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September 2005.

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