Wednesday, July 11, 2012

The economics of complaining about busy-ness

Across the world, it seems, wealthier people are much more likely to complain -- or kvetch, if you will -- about being busy than the poor. It's not simply that the well-to-do work more, although that's part of it, says Daniel Hamermesh, the University of Texas economist who co-authored the 2005 study with a former graduate student. It turns out that if you hold the hours people spend at their jobs and on household chores constant, individuals who bring home bigger paychecks still feel more stressed for time. Increase a husband's income, and his wife begins to feel busier.

Hamermesh reached his conclusions by analyzing time-use surveys from the United States, Germany, Australia, and South Korea. The results were fairly consistent across international borders, although they varied a bit in South Korea, he says. In general, the richer a survey taker was, the more they kvetched about their lack of time. Women, meanwhile, kvetched more than men. And although Hamermish is hesitant to make cross cultural comparisons, he says that Americans appeared to be the "world champions" of kvetching. ...

We all live on two things: time and money. And people who have extra income don't get much, if any, extra time to spend it. As a result, Hamermesh argues, each of their hours seems more valuable, and they feel the clock ticking away more acutely. Much the way it's more stressful to order dinner from a menu with 100 items than 10, choosing between a night at the symphony, seats at the hot new play, or tickets to Woody Allen's latest flick is in some senses more stressful than knowing you'll have to save money by staying in for the evening. There's a lot the rich could be doing and too few hours to do it all.

That isn't to say the rich are necessarily more stressed overall. While the poor are less likely to complain about a lack of time, they are much more likely to complain about a lack of money. "One of them is always going to be scarce for you. If you're rich, it's time that's scarce. If you're poor, it's the money that's scarce," Hamermesh says.
--Jordan Weissman, The Atlantic, on the marginal value of time