Consumption and Time Use

Consumption is related to time in multifarious, complex ways. Obviously, consumption takes time, whether it is watching a movie, buying groceries, or driving your new car. However, consumption can also save time, such as when the new car replaces your cheaper but slower bicycle. Consumption and time are also connected because of the time it takes to earn the money required for consumption. Working longer hours and earning more money per hour both allow more consumption. At the same time, longer working hours leave less time for consumption, and a higher salary implies more forgone earning for each hour spent consuming rather than producing. Consumption and production are closely intertwined, and balancing them is just as much a matter of time as it is of ...