EDRD 3500 Chapter Notes - Chapter Unit 4: Animal Husbandry, Game Theory, Austrian School

• School: University of Guelph
• Department: Environmental Design and Rural Development
• Course: EDRD 3500
• Professor: Marianne Staempfli

Document Summary

Leisure can increase producer surplus by decreasing production costs. Can also result in greater utility for humans. Can contribute to improved life satisfaction, greater muscle tone, higher self esteem, heightened spirituality, enhanced family life, increased productivity, reduced stress or decreased recovery time from illness. Economics provides a means of determining how much of which kinds of leisure activities are preferred by the current generation to the alternative uses of society"s limited resources. Resources necessary to produce leisure services must be diverted from alternative services. It is important that the economic benefits of leisure be quantified less they be undervalued. If a policy maker is aware of the cost and not the benefits they may question whether the unquantified benefits are worth the extra cost. Many of the effects of leisure are not currently quantified. Outcomes can be assessed using other metrics like psychological changes, satisfaction ratings, mood changes etc.