Measure differences in economic well-being

Reference no: EM131023455

A typical American today works fewer than 40 hours per week, while a typical American in 1890 worked 60 hours per week. Does this difference in the length of work weeks matter in comparing the economic well-being of Americans today with that of 1890? Or can we use the difference between real GDP per capita today and in 1890 to measure differences in economic well-being while ignoring differences in work weeks? Briefly explain.

Reference no: EM131023455

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