[PEN-L] Even unemployment just adds to the enjoyment!

[Sandwichman]

Thanks to the Boston Fed for underlining the ideological uses of the "opportunity cost" approach of work time. Even as Dean and the folks at Center for Economic and Policy Research are finding under-reporting in the official unemployment statistics, Mark Aguiar (at the Federal Reserve Bank of Boston) and Erik Hurst (at the University of Chicago's Graduate School of Business) are busily defining away  underemployment as Beckerian "leisure." According to their "preferred definition of leisure" less educated adults have enjoyed "the largest gains in leisure" over the last 40 years. It truly IS the best of all possible worlds, folks!

The Sandwichman

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