Trends in hours and economic growth

Ngai, L. Rachel and Pissarides, Christopher (2006) Trends in hours and economic growth. 746. Centre for Economic Performance, London School of Economics and Political Science, London, UK. (Unpublished)

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Abstract

We study long-run trends in aggregate market hours of work and shifts across economic sectors within the context of balanced aggregate growth. We show that a model of many goods and uneven TFP growth in market and home production can rationalize the observed falling or U-shaped aggregate hours and structural change across market sectors. The dynamics of market hours are driven by substitutions between home and market production and depend critically on the existence of many market sectors. Extensions show how the model can explain rising leisure and more complex hours dynamics without violating balanced aggregate growth.

Item Type:	Monograph (Discussion Paper)
Official URL:	http://cep.lse.ac.uk
Additional Information:	© 2006 L. R. Ngai and C. A. Pissarides
Uncontrolled Keywords:	hours of work, labour supply, structural transformation, home production, marketization, balanced growth
Library of Congress subject classification:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HB Economic Theory
Journal of Economic Literature Classification System:	J - Labor and Demographic Economics > J2 - Time Allocation, Work Behavior, and Employment Determination and Creation; Human Capital; Retirement > J22 - Time Allocation and Labor Supply O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O14 - Industrialization; Manufacturing and Service Industries; Choice of Technology J - Labor and Demographic Economics > J2 - Time Allocation, Work Behavior, and Employment Determination and Creation; Human Capital; Retirement > J21 - Labor Force and Employment, Size, and Structure O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O41 - One, Two, and Multisector Growth Models
Sets:	Collections > Economists Online Research centres and groups > Centre for Economic Performance (CEP) Departments > Economics
Rights:	http://www.lse.ac.uk/library/rights/LSERO.htm
Identification Number:	746
URL:	http://eprints.lse.ac.uk/4462/

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