The Significance of the Individuals’ Time for Economic and Social Development

In the globalization context, the last decades have changed the national economies, and also affected the time allocation patterns for individuals and for the entire society. As an economic resource, time is perceived very different by people, because of various individuals’ norms and values, as well as the culture, traditions and the level of social and economic development of the country. The quality of life is a consequence of the structure of time allocation and the quality of every moment spent. The evolution of labour force and the increase of competitiveness, along with the modern standards of living and a new attitude related to employment are factors that have been leading to the erosion of traditional employment relationships while encouraging the development of new forms of work time. This paper will analyze the significance of the time use as an economic resource on the individuals, society and national economy based on the results of two survey carried out by National Institute of Statistics (Time Use Survey and Labour Force Survey).