Increase in the number of hours

Reference no: EM131023453

Michael Burda of Humboldt University in Germany and Daniel Hamermesh of the University of Texas examined how workers in the United States who lost their jobs between 2003 and 2006 spent their time. They discovered that during the period when the workers were unemployed, the decline in the number of hours of paid work these workers did was almost the same as the increase in the number of hours these workers devoted to household production. Do Burda and Hamermesh's findings allow us to draw any conclusions about whether total production in the economy-whether that production is included in GDP or not-decreased when these workers became unemployed? Does your answer depend on whether the household production they carried out while unemployed involved activities, such as childcare, that the workers had been paying other people to perform before the workers lost their jobs? Briefly explain.

Reference no: EM131023453

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