Hours worked
Subtitle: long-run trends
By: Jeremy Greenwood, Guillaume Vandenbroucke.
Contributors: Vandenbroucke, Guillaume.; National Bureau of Economic Research.
Series: NBER working paper paper series -- no. 11629.; Working paper series (National Bureau of Economic Research) -- working paper no. 11629.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, Mass
Language: eng
Number of pages: 16
Subjects: Hours of labor -- Econometric models
Description: "For 200 years the average number of hours worked per worker declined, both in the market placeand at home.  Technological progress is the engine of such transformation.  Three mechanisms arestressed:(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, editedby Lawrence E.  Blume and Steven N.  Durlauf (London: Palgrave Macmillan)"--National Bureau of Economic Research web site.
Notes: "September 2005."

Includes bibliographical references (p. 15-16).

Also available in PDF from the NBER world wide web site (www.nber.org).