The Demand for Leisure. A view of the 20 th century
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- Arron Byron Bryant
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From this document you will learn the answers to the following questions:
How much did the growth of leisure time cost?
What determines the demand for entertainment?
What is the choice for leisure time?
Transcription
1 The Demand for Leisure A view of the 20 th century
2 What is leisure? Entertainment Recreation free time Is there a consistent definition? Is yard work a leisure activity? Can free time be stressful?
3 The labor-leisure tradeoff 24 hours per day labor leisure Quantity: Leisure = 24 - labor Quality: Leisure = (Y, labor) Y = wage x labor
4 The various uses of time 24 hours per day labor Free time Chores Necessities entertainment recreation leisure sleeping eating cooking yardwork housework
5 When wages go up and hours go down more leisure is available 24 hours per day labor Free time Chores Necessities leisure
6 What do we do with leisure time? One choice is entertainment
7 The market for entertainment in the 20 th century... Per capita entertainment spending $2,500 $2,000 nominal dollars $1,500 $1,000 $500 $
8 ... And beyond Real personal consumption expenditures: admissions to live entertainment (excluding sports) $30.00 $25.00 billions of real dollars $20.00 $15.00 $10.00 $5.00 $ Axis Title 8
9 What caused this increase? Simple supply and demand explanation Increases in demand Increases in quantity demanded Price decrease due to increase in supply 9
10 The changing entertainment market Price/unit of entertainment D1 D2 S1 S2 Qty of entertainment 10
11 An example of increased supply number of professional sports franchises
12 The Demand for Major League Sports Average Game Attendance in Four Major Team Sports MLB NHL NFL NBA
13 What determines the demand for entertainment? Income Number of consumers Price of related goods leisure time transportation preferences expectations
14 How have things changed over time?
15 real disposable personal income (bil) $8, $7, $6, $5, $4, $3, $2, $1, $
16 U.S. Population (000s) 300, , , , ,000 50,
17 Percent U.S. population urban 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0%
18 Leisure time Length of work week Technology Productivity Household chores Real wage
19 The growth of leisure time $60, $50, real wage $40,000 $30,000 $20,000 Avg real wage weekly hours worked $10,000 Avg weekly hours worked 10 $
20 The labor supply curve Real wage Income effect dominates Substitution effect dominates 0 Hours of labor Hours of leisure 0
21 Changing preferences and expectations How have preferences for leisure changed? What determines those preferences? Society Household makeup Expectations about what I deserve
22 Changing pattern of expenditures Personal consumer spending 1910 food clothing housing medical traspo recreation
23 Changing pattern of expenditures Personal consumer spending 1940 food clothing housing medical traspo recreation
24 Changing pattern of expenditures Personal consumer spending 1970 food clothing housing medical traspo recreation
25 Changing pattern of expenditures Personal consumer spending 2000 food clothing housing medical traspo recreation
26 Changing pattern of expenditures personal consumer spending 2010 food clothing housing medical transpo recreation
27 How important is the entertainment industry? Small compared to the total economy Disproportionate media coverage Total spending on the arts, entertainment and recreation less than 10% of total personal consumption spending Approximately 6% of total GDP Spectator sports spending: 0.1% of GDP 27
28 U.S. Employment in Selected Occupations Category 000s of employees Theater 63.4 Athletes, coaches, etc. 215 Musicians, singers, etc. 179 Registered nurses 2449 Chefs and head cooks 281 Hairdressers 718 K-8 teachers 2557
29 The market for actors # employed workers (000s) Avg annual salary Bot 10% Top 10% Actor 44.9 $47,820 $15,420 $116,540 Teacher $37,840 $16,900 $67,690 All jobs 107,339 $34,750
30 Summary Leisure time has increased as work week decreased Demand for leisure increased as income, urban population increased Supply of leisure activities has increased Technology has impacted both supply and demand of leisure
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