|Slate (magazine) (Photo credit: Wikipedia)|
Anyway, back in November of 2012, Matthew Yglesias at Slate's MoneyBox blog wrote a post... let's be honest, I'm not sure I understand it entirely. I know I have at least one reader who's taken, at minimum, Econ 101; lend me a hand in the comments?
Anyway again, the point seems to be that, in our economy, we should be seeing wages rise, but total incomes stay flat or rise more slowly, because as our wages get higher, we don't feel the need to work as many hours to make the same, or even slightly more, money. That leaves more leisure time (which presumably leads to more consumer spending, and that's supposedly good for everyone, and yes, I know I'm oversimplifying -- no economic background, remember?). But instead, people cut back their hours even more, and spend that time doing not-really-leisure activities -- creating, working on their side hustle, etc. The exacmple Yglesias gives is a couple of consultants who quit to run a barbecue business. If they love doing it, is the time they spend doing it leisure?
Like, I said, I'm not sure I understand it, or if anything I said here is even accurate. But I know some of you do, so let's have a conversation.