Engines of Leisure Benjamin Bridgman analysis

The paper’s focus on individual incomes and leisure capital augurs with the fundamental economic concept of substitution. Contextually, high-income households can afford leisure capital compared to poor households, but the latter have more leisure hours compared to the former. Economically, the implication is that with more leisure hours but with little leisure capital, the leisure hours produce less leisure services compared to the high-income households, and so is the distribution of and density of leisure activities across various income groups. The paper’s adoption of a model that focuses on the labor market, household incomes and utility functions of leisure helps expound on other functional parameters of evaluation in the labor market. Notably, while the model evaluates an economic equilibrium between income and leisure, it brings out the relevance of analyzing macroeconomic environment in understanding households’ preferences and home consumption of goods and services within a given market.

That is, the college graduates reporting skills mismatch or the general under-utilization of acquired skills, and the general feeling of “idleness” due to unavailability of work at particular times of the work schedule. The report further cites graduates in the fields of journalism and mass media, mathematics and earth sciences, English language and liberal arts, general social sciences and fine arts, and philosophy as the most hit with unemployment rates at 7. 2%, respectively. In terms of underemployment, Criminal justice major recorded the highest cases at 75% despite a moderate rate of unemployment at 4. 6%, while miscellaneous education major had the lowest rate of underemployment at 14. 7% and 31. 5% rate of underemployment (newyorkfed. org). In conclusion, the labor market for recent college graduates indicate a complex phenomenon worth adopting a holistic macroeconomic approach to understanding the disparities across the majors.