Economics of time

It is said that “time is money”. Economics is study of money. However, there is no one consolidated branch of knowledge that studies how human beings spend time.

There are study areas like time as fourth dimension in Physics, labor studies, time and motion studies and Chronemics. However, I am appalled by the neglect by human civilization of this non-recyclable, uniformly distributed resource.

There is a Nobel prize for Economics. An average Joe knows about a bunch of economists and economic theories. However, none talks in such a way about time!

I think such a branch of knowledge can discuss all-encompassing points like:

  • What is the difference between “having time” and “spending time” and “investing time”?
  • What is the difference between “price of time” versus “value of time”?
  • What is the difference between  psychological sense of time versus scientific time?
  • Chronological dependency of various factors
  • Various time scales
  • Time management
  • History, futurism, trends etc.
  • Relation between individual, social or racial memory and time
  • Sense of urgency, importance, patience/impatience, causality

What other aspects of time can you think of?




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