Does money buy time? Or does time buy money?
It’s probably a mixture of both.
In economics, we try to specialize so that we can produce more. So each person tries to specialize in something and produce a lot of that single product, then after that we trade with each other. Theoretically, after trading, everyone is better off cos there’s more products to go around.
So in this equation, money is the medium of trade.
We specialize in our jobs, spend time doing the task, then we get money for it, then we use that money to buy stuff that someone else has produced. Money also stores our “time” cos we can produce a lot for a period, then we can rest for sometime before trading away our time again.
Let’s look at someone who earns $3000 per month. That’s around $100 per day.
So essentially, to buy a 50″ TV at $1000, he is trading …