The Economics of Time as a Resource

Christopher C. Klein

No 200712, Working Papers from Middle Tennessee State University, Department of Economics and Finance

Abstract: 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.

Keywords: time; choice; opportunity cost (search for similar items in EconPapers)
JEL-codes: A11 A22 D01 (search for similar items in EconPapers)
Date: 2007-08
New Economics Papers: this item is included in nep-hpe
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:mts:wpaper:200712

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