The economics of student time

A major feature of almost all of the recent national calls for educational reform has been the recommendation to increase the amount of instructional time through lengthening the school day and school year, assignment of more homework, and expanding the proportion of the school day devoted to instruction. The purpose of this paper is to provide an analysis of the allocation of student time from the perspective of economic theory. Under a reasonable set of assumptions, the economic model that is employed predicts a rather small increase in educational achievement relative to rather substantial increases in instructional time. These predictions are found to comport well with the available empirical evidence. The policy consequences of the analysis are also examined.