Abstract
Following Gary S. Becker, time is allocated to either work, household production or consumption (called leisure in traditional approaches). In the early stages of development, an increase in the value of time has a positive effect on the allocation of time to work. At a later stage, the effect may be negative if an increase in the value of time in non-work activities exceeds the incremental value of time in work. That is, the income effect may outweigh the substitution effect so that the allocation of time to work actually declines over time. An increase in the value of time in work increases the value of time in consumption as well as the opportunity cost of time in household production. With economic growth, households tend to substitute capi? tal for labor within the household so that more time can be allocated to either work or consumption. The focus of this paper will be on the social consequences of the reallocation of time that is brought about by an increase in the economic value of time. Particular attention will be given to the effects of interpersonal relationships and community.
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