The characteristics of time as a resource are examined in order to seek evidence of these characteristics in fundamental concepts of Economics. A series of thought experiments on time travel demonstrate that a constant irreversible rate of time usage underlies the concepts of opportunity cost, time preference, and interest. This leads to the startling suggestion that the root question in Economics concerns the choice of how to spend time. Thus, the principles of Economics are tied closely to the human perception of time and more closely to the human condition than is generally admitted in undergraduate classes on the subject.
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Paper provided by Middle Tennessee State University, Department of Economics and Finance in its series Working Papers with number
200712.
Find related papers by JEL classification: A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists A22 - General Economics and Teaching - - Economics Education and Teaching of Economics - - - Undergraduate D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
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