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171. TIME: Chapter 3 of Principles of Economics

The Bitcoin Standard Podcast

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Quantumizing Time

Human time being finite and uncertain means that no person knows with certainty how long they will live or when they might die. Individuals always prefer consuming or having a good today over any future period because survival is never certain. Humans also prefer to have resources sooner rather than later, since in the case of durable goods they would be likely to enjoy their services for longer before they received them. As discussed above, economic scarcity is ultimately the scarcity of human time. We can thus also understand the entirety of human economizing is centering around economizing time. That is, we seek to increase the amount and subjective value of our time on earth.

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