Follow-up thought 2: An expensive life outside of work would be worse than a frugal one if the increase of the temptation of one’s time off outpaced the increase in relaxation.
income effects in preferences, in which leisure becomes more valuable when income rises, … income effects are the main driving force behind the decline of average hours worked with GDP per capita.
Follow-up thought 2: An expensive life outside of work would be worse than a frugal one if the increase of the temptation of one’s time off outpaced the increase in relaxation.
For supporting evidence, see this study:
https://​​www.nber.org/​​papers/​​w26554
Which I’ll quote Robin Hanson’s quote of
That sounds right to me