| Abstract: |
The aim of this paper is to cast the problem of the alternative between
skilled, time-intensive and unskilled activities within an analytical
framework wherein the individuals' choice problem is addressed in terms of
alternative time-consuming activities rather than alternative bundles of goods
and services. In particular, each activity is interpreted as a sort of
productive process allowing pleasant time to be produced by consuming 'direct'
unpleasant time plus the 'indirect' amount of unpleasant time equivalent to
the market goods used up as inputs. The paper suggests that individuals might
refrain from engaging in skilled, time-consuming activities because of the
attractiveness of a certain, higher present-period rate of return of unskilled
activities as opposed to the uncertainty of a possibly higher future-period
rate of return obtainable through engagement in (more roundabout) skilled
activities. |