Abstract:
TIME IS DIVIDED INTO TWO CLASSES--ECONOMIC OR PRODUCTIVE TIME, AND LEISURE TIME. ECONOMIC TIME IS DEFINED AS THAT WHICH AFFECTS COST OF PRODUCTION, DISTRIBUTION, OR CONSERVATION OF GOODS AND SERVICES TO SOCIETY. THIS IS PRIMARILY TIME LOST OR GAINED BY BUSINESS TRAFFIC. LEISURE TIME IS DEFINED AS TIME THE GAIN OR LOSS OF WHICH IS A GAIN OR LOSS OF CONVENIENCE. IT INCLUDES TIME USED BY PLEASURE TRAFFIC, COMMUTER TRAFFIC, AND CERTAIN TYPES OF BUSINESS TRAFFIC. ECONOMIC OR PRODUCTIVE TIME LOSS OR GAIN LENDS ITSELF TO STATISTICAL COST ANALYSIS SO RATHER ACCURATE DETERMINATIONS OF ITS VALUE CAN BE MADE. THE VALUE OF LEISURE TIME VARIES WIDELY BETWEEN INDIVIDUALS DEPENDING UPON THEIR ECONOMIC STATUS, THEIR WHIMS, AND THE PARTICULAR CIRCUMSTANCES INVOLVED IN EACH INSTANCE OF TIME SAVING. /AUTHOR/
Supplemental Notes:
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