Arbeitspapier

Introduction to A Theory of the Allocation of Time by Gary Becker

Gary Becker's classic study, A Theory of the Allocation of Time, laid the analytical foundations for the study of household production and the allocation of time within the household. The analytical framework of household production theory developed in this paper remained a pillar of his later work on the economics of the family and the economics of nonmarket activities more generally. Becker provided a formal model of households producing outputs like food, children, and housing that bundled goods and time. Becker's great contribution was to apply the model to interpret a broad array of empirical phenomena. Becker's framework allowed for a deeper understanding of the mechanisms of consumer choice, and interpretation of income and substitution effects. Its continuing relevance in empirical economics is a testimony to its power.

Language
Englisch

Bibliographic citation
Series: IZA Discussion Papers ; No. 8424

Classification
Wirtschaft
History of Economic Thought: Individuals
Household Production and Intrahousehold Allocation
Human Capital; Skills; Occupational Choice; Labor Productivity
Subject
household production
economics of the family
empirical economics

Event
Geistige Schöpfung
(who)
Heckman, James J.
Event
Veröffentlichung
(who)
Institute for the Study of Labor (IZA)
(where)
Bonn
(when)
2014

Handle
Last update
10.03.2025, 11:41 AM CET

Data provider

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Object type

  • Arbeitspapier

Associated

  • Heckman, James J.
  • Institute for the Study of Labor (IZA)

Time of origin

  • 2014

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