When we work, we trade our time on this Earth for money. Therefore, it makes sense to think of the cost of goods and services in terms of time, not money.
This is the approach I share at Risk & Progress. When we look back, we can see that products were cheaper in dollar terms, but were actually more expensive in terms of labor hours needed to buy them (the key exceptions here might be education and healthcare).
“Cheaper in money, more expensive in time.” That’s a great way to say it. You can also say that things can get more expensive and more affordable at the same time. As long as we have a culture where Innovation can be greater than monetary inflation, we can enjoy lower time prices. We must choose value-creating entrepreneurs over wealth-prevention politicians.
When we work, we trade our time on this Earth for money. Therefore, it makes sense to think of the cost of goods and services in terms of time, not money.
This is the approach I share at Risk & Progress. When we look back, we can see that products were cheaper in dollar terms, but were actually more expensive in terms of labor hours needed to buy them (the key exceptions here might be education and healthcare).
“Cheaper in money, more expensive in time.” That’s a great way to say it. You can also say that things can get more expensive and more affordable at the same time. As long as we have a culture where Innovation can be greater than monetary inflation, we can enjoy lower time prices. We must choose value-creating entrepreneurs over wealth-prevention politicians.