EconTalk Daniel Hamermesh on Spending Time
Mar 25, 2019
Economist Daniel Hamermesh, author of "Spending Time", dives into the intricacies of how we perceive time versus money. He reveals the cultural shift that makes busyness a status symbol and discusses how increased income impacts leisure expectations. Hamermesh highlights the evolution of parental involvement and the changing dynamics of marriage in contemporary society. With engaging anecdotes, he advocates for valuing time and rethinking its management for more fulfilling lives.
AI Snips
Chapters
Transcript
Episode notes
The Paradox of Time
- People feel busier despite living longer due to increased wealth relative to time.
- We have much more money to spend, but only slightly more time to enjoy it.
Wealth and Time Scarcity
- Time scarcity increases with wealth, even without working, because spending money takes time.
- Having more options makes even non-work time feel scarce relative to potential activities.
Busy as a Status Symbol
- People often claim busyness as a status symbol, implying a high value of time.
- Russ Roberts observes this trend and plans to revert to saying "fine" when asked how he is doing.