Modern Wisdom #127 - Koen Smets - The Behavioural Economics Of How We Spend Our Time
Dec 16, 2019
Koen Smets, a behavioral economist and professor, dives into the intriguing relationship between time, money, and life satisfaction. He discusses how we can’t save time like money and why this matters. Smets examines the psychological aspects of time management, the perception of time as a resource, and innovative approaches like the Estonian police's speeding fines. He highlights the importance of mindful planning and striking a balance between productivity and quality while urging us to appreciate time as our most precious asset.
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Time as a Scarce Resource
- Time is a scarce resource like money, requiring careful allocation.
- Unlike money, time has varying value depending on context and individual priorities.
Time's Value Across Lifespan
- A child might trade their day for a dollar, while an old man would trade a fortune for a minute.
- This illustrates how time's value shifts with age and perspective.
Time at Work
- We often undervalue our time at work, treating it as belonging to the employer.
- This leads to less concern about wasting time, especially in meetings.
