| Abstract: | This study is an analysis of the utility value of time. Time is viewed on a productivity continuum with activities that result in measurable products such as income or home sewing at one extreme of the continuum and activities such as sleep at the other extreme. The use of time by unemployed and employed heads of households was the basis for this analysis. Four measures of time were constructed to determine the amount of time spent in market, household, leisure and personal activities. Unemployed heads of households spent more time in household and leisure activities than employed heads. Assuming that household activities have productive value, time spent in child care, shopping, house cleaning, etc., were viewed as having utility value for the household. Thus, reallocated time had utility value for the household. In addition, it was found that a significant relationship existed between employment status and use of time, regardless of position on the productivity continuum. From this study comes a better understanding of how time is reallocated during unemployment so that the economic loss for the household as well as the economy can be minimized. |
