The Economics of Time as a Resource
AbstractThe 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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Bibliographic InfoPaper provided by Middle Tennessee State University, Department of Economics and Finance in its series Working Papers with number 200712.
Date of creation: Aug 2007
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Web page: http://www.mtsu.edu/~berc/working/Economics_Working_Papers.html
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time; choice; opportunity cost;
Find related papers by JEL classification:
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
- A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
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- Gilbert Ghez & Gary S. Becker, 1975. "The Allocation of Time and Goods over the Life Cycle," NBER Books, National Bureau of Economic Research, Inc, number ghez75-1, October.
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