The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Time Use

  • Duncan Ironmonger
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2109

Abstract

Time is a finite, irreplaceable resource, and unlike money is equally distributed. Statistics of time use and money use can be combined, giving two-dimensional pictures of individual economic behaviour and the national economy. A framework for the microeconomics of time use and household production was established in the 1960s. In coming decades, a macroeconomics of time use and household production will arise. Within a production, consumption and investment framework, this will employ continuous national time accounts and satellite accounts of the household economy. Consequently the household’s true economic role and its powerful interactions with the market will be revealed.

Keywords

American Time Use Survey (ATUS) Bureau of Labor Statistics (BLS) Child care Consumption activities Diary-based surveys of time use Education Gross Economic Product (GEP) Gross Household Product (GHP) Gross Market Product (GMP) Household economy Household production Household productivity Household technology Human capital activities Investment in human capital Labour statistics Leisure Macroeconomic modelling of the household economy Microeconomics of household production and consumption Multinational Time Use Study (MTUS) National time accounts Paid work Production activities Reid, M. Robbins, L. Satellite accounts of the household economy Social interaction and recreation System of National Accounts (SNA) Third-person test Time income and expenditure Time Resources and Time Use Account Time use Work-leisure trade-off 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Duncan Ironmonger
    • 1
  1. 1.