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.
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Ironmonger, D. (2018). Time Use. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2109
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2109
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