The Bitcoin Standard Podcast
192. TIME: Principles of Economics online course Lecture 3
Oct 24, 2023
This podcast discusses the significance of time in economics and how it relates to various economic concepts. It explores the concept of time in economics, emphasizing its role in economic production processes. The podcast also analyzes the decrease in time price for commodities and discusses the concept of time preference and its impact on economic decision making.
49:51
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Quick takeaways
- Time is the ultimate resource underlying all economic decisions and activities.
- The scarcity of resources is due to the finite time available to extract and produce them, rather than their absolute quantity.
Deep dives
The Concept of Time as the Ultimate Resource
Time is the ultimate resource that underlies all economic decisions and activities. It is essential for human action, production, and consumption. Time is valuable and scarce because it is irreversibly consumed and cannot be replaced. All economic scarcity stems from the scarcity of human time.
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