BRYAN CAPLAN
May 7, 2013
Keynesian Bets: What's Out There
May 6, 2013
Keynesian Bets Bleg
May 6, 2013
The Pyramid of Macroeconomic Insight and Virtue
May 2, 2013
A Natalist Provision
May 1, 2013
I Was a Teenage Misanthrope
DAVID HENDERSON
May 5, 2013
John Thacker on Vaccinations and the Sequester
May 3, 2013
Chef Rudy's Virtues Project
May 2, 2013
My take on Reinhart and Rogoff
May 1, 2013
Medicare Kills a Program


I’m not sure that GDP is actually under-reported, as it specifically excludes non-market activity. But other measures of wealth/production, yes.
I’m actually slightly kicking myself for not spotting it as I wrote. Put it down to the perils of letting amateurs write about economics.
Americans get leisure time in after-work evening chunks, while Europeans get long vacations. IMHO, leisure chopped up into small chunks is not nearly as valuable as taking a week off to travel.
Think about having to give up your two weeks of vacation in exchange for reducing your work day by 12 minutes. Which would you prefer?
No wonder we envy Europe's working class!
On the other hand, we in the US set our own vacation time through negotiations with employer. Travelling for more than two weeks a year is too expensive for us, so we ask for only two weeks of vacation.
I'm asking a question, not trying to be difficult.
But, isn't this whole thing a matter of double counting.
Americans are better, wealthier, have a higher per capita gdp, however you want to define it.
No one denies that.
So if you use some of that greater income to purchase service rather then using your free time to do them all you are counting is a way in which the greater wealth is spent. If I use the greater income to purchase a better made suit, I am not wealthier because I have a better suit. Because I have a higher income than I did 30 years ago I can hire someone to mow my yard. But if you count the time I now spend playing golf rather then mowing my yard aren't you just double counting. The greater purchase of services is just a way the greater income is spent, not a second source of wealth.