tag:blogger.com,1999:blog-4900303239154048192.post7450407313611234652..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Missing: the strange disappearance of S. J. Chapman’s theory of the hours of labour (7)Unknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4900303239154048192.post-42861351402482675402008-11-11T11:25:00.000-05:002008-11-11T11:25:00.000-05:00Absolutely, reason. Adam Smith proposed a leisure ...Absolutely, reason. Adam Smith proposed a leisure theory of value in his Theory of Moral Sentiments.Sandwichmanhttps://www.blogger.com/profile/11159060882083015637noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-53080176114201677542008-11-11T04:22:00.000-05:002008-11-11T04:22:00.000-05:00I push again my "leisure theory of value"...I push again my "leisure theory of value". The idea here is that what we normally call "final" consumption, is not final at all. The goods and services sold in the market place are of little value unless we have the leisure to enjoy them (often traditionally, the "leisure" could be outsourced to someone else in the family). So that the real production function would see G&S in the market place as only intermediate goods. This implies a new welfare accounting. People today are working longer mainly because <BR/>a. they have to because of debts<BR/>b. they are subject to greater risk than in the past and do not trust that they will earn the same in the future (although if this were true you would think they would save more - a paradox).reasonhttps://www.blogger.com/profile/10958786975015285323noreply@blogger.com