Can "saving" only involve money/currency??
In an economic sense, can it also apply to labour, and time?? If you start fundamentally defining what money actually is i think saving actually refers to your labour and time.
What are your thoughts??
How does one accumulate time so it can be used in the future?
peachmat:If you start fundamentally defining what money actually is i think saving actually refers to your labour and time.
If you are saying that your labor and time are imbued into your money, I have to disagree. Money has no inherent value. You are wandering dangerously near the Labor Theory of Value, no?
if by money you mean paper, then I would say no way...
I would not save that....
save gold, silver, baseball cards...anything that has great value in people's eyes.
Any form of capital can be saved, food, metals, water, etc. However, money is the most liquid, non-perishable form of capital, which is why it is preferred for savings.
The fallacies of intellectual communism, a compilation - On the nature of power
peachmat: Can "saving" only involve money/currency?? In an economic sense, can it also apply to labour, and time?? If you start fundamentally defining what money actually is i think saving actually refers to your labour and time. What are your thoughts??
Labor produces income, like investments produce income, and allocating more of your time to labor is like allocating more of your property to investments. The tradeoff you make with your time is always between labor and leisure. We labor to improve the quality of our leisure, that is, to subsist at a better standard of living. Saving, in this sense, is sacrifice of leisure in order to labor. By choosing labor, you are choosing production over consumption (labor over leisure) so you are expending your natural resources (time, talents) to produce value rather than consume value. Saving is the accumulation of property over time. So, if you labor over time, you will accrue property which can be saved. The choice of allocating your time to labor or leisure will hinge on your relative ranking of these two possible uses of your time. If you labor, you can accrue more savings (property) with which to improve your future leisure. If you take your leisure, you can enjoy it in the present. Your time preference will dictate the discount rate you apply to enjoying leisure now versus leisure in the future. This, in turn, will dictate how much income you must expect to earn in order to be motivated to stop taking your leisure and labor instead.
Clayton -
Hard Rain:How does one accumulate time so it can be used in the future?
Now that is an interesting question. In fact, it can be done. You can save time driving to work by taking a short cut. You can then use the saved time afterwards by doing something you wouldn't have been able to do if you would have taken the old route.
Jorge A. Medina: Hard Rain:How does one accumulate time so it can be used in the future? Now that is an interesting question. In fact, it can be done. You can save time driving to work by taking a short cut. You can then use the saved time afterwards by doing something you wouldn't have been able to do if you would have taken the old route.
Kind of like saving time by skipping school and not doing your homework.
'saving time' is merely a colloquial expression, meaning that of the time that you had available you used relatively less doing task A and relatively more doing everything else that you did that was not A than you otherwise suppose may have been the case. its a matter of distribution.
think of it like this. every second..... you get a second.
its coming whether you do A with it, or do not doA with it (you do B). but either way (A or B) that second is coming and going, and not hanging around like a durable good
Where there is no property there is no justice; a proposition as certain as any demonstration in Euclid
Fools! not to see that what they madly desire would be a calamity to them as no hands but their own could bring
peachmat: In an economic sense, can it also apply to labour, and time??
In an economic sense, can it also apply to labour, and time??
To save is to delay consumption. Time and labor cannot be saved since they cannot be shifted in time.
nirgrahamUK: 'saving time' is merely a colloquial expression, meaning that of the time that you had available you used relatively less doing task A and relatively more doing everything else that you did that was not A than you otherwise suppose may have been the case. its a matter of distribution. think of it like this. every second..... you get a second. its coming whether you do A with it, or do not doA with it (you do B). but either way (A or B) that second is coming and going, and not hanging around like a durable good
But you can say that about any scarce resource. All resources "come and go" through the processes or production and consumption. We are moving through space AND time.
Time though is a special case among resources because it does not exist physically in the same sense as cash does, for example. This begs the question (in my mind), what is time? I do not have an answer. Are there any physicists in this forum?
Jorge A. Medina:But you can say that about any scarce resource. All resources "come and go" through the processes or production and consumption. We are moving through space AND time.
when do they come and go?. if i leave the chocolate bar to one side and refrain from eating it. it stays there, whilst i save and consume other things. The chocolate bar can then be eaten later. proving that whilst i had it and had not consumed it, i had been saving it.
but when have you similarly put a particular second aside, to enjoy consuming it at a later second. does that even make sense to ask? i don't think so.
nirgrahamUK:when do they come and go?.
You are reading what I put in quotes too literally. What I meant was that all resources work their way through our experience of them just as time does. The chocolate bar that you put aside was subsequently eaten and ultimately became nothing more than a memory.
nirgrahamUK:but when have you similarly put a particular second aside, to enjoy consuming it at a later second
Time does not exist physically as I said. Are you saying you can't save time?
Jorge A. Medina:What I meant was that all resources work their way through our experience of them just as time does. The chocolate bar that you put aside was subsequently eaten and ultimately became nothing more than a memory.
yes. but so what. obviously the thing about commodities that we eventually consume...whilst we have them and have still not consumed them, we have hoarded/saved them in that period of time.
Jorge A. Medina:Time does not exist physically as I said. Are you saying you can't save time?
yes, as I and DBratton have said. savings relates to the abstention of consumption of consumable objects through a given period of time.
You can't save time because you can't hold it in your hands?
Time is a scarce resource and like any resource can be consumed or not consumed. In the case of time, the consuming takes place in deciding how to consume, not if it should be consumed. What will I spend my time on? It is a special case resource unlike all other resources.
I hope you don't think I am arguing for the sake of arguing. That's not me. Although it won't advance science any, this question about saving time is interesting to me. Thanks for your comments.
Cheers