Abstract
A balance differential equation between free time and money-producing work time on the national economy level is formulated in a previous paper in terms of two dimensionless quantities, the fraction of work time and the total productivity factor defined as the ratio of the Gross Domestic Product to the total salary paid in return for work. Among the solutions there is one relation that compares surprisingly well with the relevant sequences of Danish data spanning from 1948 to 2003, and also with similar data from several other countries except for slightly different model parameter values. Statistical analysis reveals a data structure that allows the formulation of a simple stochastic model for the development of the data sequences with the year. Simulations with the stochastic model show sample curve behavior of the same fluctuating appearance as the factual data. This indicates that there are no other significant systematically balance influencing parameters on the macro economical level than those considered in the definition in the previous paper of the Life Quality Time Allocation Index.
| Original language | English |
|---|---|
| Journal | Structural Safety |
| Volume | 30 |
| Issue number | 5 |
| Pages (from-to) | 436-446 |
| ISSN | 0167-4730 |
| DOIs | |
| Publication status | Published - 2008 |
Keywords
- Stochastic equilibrium economy
- Economy developing path
- Time equivalent productivity
- Life quality time allocation index (LQTAI)
- Life quality index (LQI)