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The New Palgrave Dictionary of Economics pp 5916–5921Cite as

Palgrave Macmillan

Home Production

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Abstract

Studying the incentives and constraints in the non-market sector – that is, home production – enhances our understanding of economic behaviour in the market. In particular, it helps us to understand (a) small variations of labour supply over the life cycle, (b) the low correlation between employment and wages over the business cycle, and (c) large income differences across countries.

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Authors and Affiliations

  1. http://link.springer.com/referencework/10.1057/978-1-349-95189-5

    Yongsung Chang & Andreas Hornstein

Authors
  1. Yongsung Chang
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  2. Andreas Hornstein
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© 2018 Macmillan Publishers Ltd.

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Chang, Y., Hornstein, A. (2018). Home Production. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2733

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