Time is likely the currency we all spend. Human activity of all kinds is exchanging time with each other. I spend some time doing A and give you some. In retur

Time is likely the currency we all spend. Human activity of all kinds is exchanging time with each other. I spend some time doing A and give you some. In return you spend time doing B and give me some. Ultimately we all have a finite amount of time available. When you start assessing things in terms of hours exchanged rather than dollars, euros or pounds you see how it all works. Baumol’s cost disease explains itself for example. It still take the same number of hours to be a violinist and a concerto takes the same amount of time to perform. And we still value violinists so some of them get paid. Our machines reduce the human time element embedded in other products and services and that reduces their value in exchange terms. We see that expressed as the dollar price of violinists going up. There’s even a film In Time where this idea is explored Hollywood style. Not the greatest film but the philosophical idea behind it is fascinating.