By estimating the parameters of a production function whose inputs consist of family time and market goods, the authors offer some new microeconomic estimates of the value of production that takes place in the home and also examine the concept of joint production-that is, the degree to which time devoted to home production simultaneously serves as leisure. They find evidence of substantial jointness between home production time and leisure, the degree of which is greater for wives than for husbands; and that both husband and wife possess human capital skills more productive in market work than in home work.

Using data from the 1976 and 1978 National Longitudinal. Surveys of young men and young women, this study examines racial differences in the magnitude and composition of wealth and the reasons for them. On average, young black families hold 18 percent of the wealth of young white families, and hold their wealth in proportionately different forms. Even after controlling for racial differences in income and other demographic factors, as much as three-quarters of the wealth gap remains unexplained. We speculate on the causes for this, concluding that racial differences in intergenerational transfers most likely play an important role.