Work and Leisure Time

In this latest paper from Valerie Ramey and Neville Francis, they provide a different paradigm in terms of how we think about work and leisure. It’s nothing mind blowing, but what it does say in the end is that when re-measured, the U.S. – since 1900 – hasn’t gained a substantial amount of leisure time compared to the amount of time that we work.

In defending the new conclusion they write,

Finally, while we think our series give good estimates of long-run trends in time use, we are much less confident about the cyclicality of time use.

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The estimates we have produced are probably correct on the directions of movements over the business cycle, but are very imprecise estimates of the quantitative movements.

Something to think about, but I can’t think about it for too long because I have to get my work done.