Jeehoon Han, Bruce Meyer, James Sullivan, 10 January 2019

Economic wellbeing depends on the consumption of not just goods and services, but also the consumption of time. This column looks at leisure and consumption together for the same families by imputing the amount of leisure families consume in the Consumer Expenditure Survey, and finds a negative relationship between consumption and leisure. Accounting for both leisure and consumption implies somewhat less inequality in society, and suggests that social welfare policies and the business cycle can alter the economic wellbeing of families by both altering resources consumed and through their effect on leisure.

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