Do pardon me if this post trails off into an endless discussion convoluted with economic jargon but this has been on my chest for a while and I didn't (and ironically still don't but screw it) have the time so here goes:To every theoretical framework, there are bound to be loopholes. Perhaps, an over-rigidity in definition due to partial oversight or adopting a narrow outlook which impedes on seeing the bird's-eye view of the macro elements. One would expect the classification of everyday goods and services to be a holistic and irrefutable framework. In other words, nothing should be displaced from the universal categories of public or private goods.It is at this juncture that I would like to draw your attention to a very peculiar good: time. It is of the essence, and in its essence, the fundamental clockwork behind life. I can already hear the instinctive outcries of contention in response to me making the bold assumption that time is a good. Well, wouldn't you agree? I quote an online definition that "In economics and accounting, a good a is product that can be used to satisfy some desire or need". Time then fits perfectly into this definition no doubt. Every minute action that we do, even down to the transmission of electrical impulses within our body even before the action materializes, requires time. It is of the essence. It is the essence. And yet it is unclassified.
Since time is obviously beyond the production of anyone, we would look towards the notion of a public good. It seems logical that time is non-excludable and non-rivalrous. We cannot steal each other's time, maybe going only insofar as to waste the time of someone else but at the expense of our own as well. Yet, the government isn't going to accede the absurd request to produce time. I'm thinking they would promise that but as with all other political campaigns, promises are hardly translated into action.
Time then, is unclassified. Unclassified information perhaps? A class of its own. So then, economics is now dumbfounded?
I doubt. I can't be the only lone fool to coin such a stupid accusation against something so immaculate like economics. The economists themselves have probably thought of this themselves and along that, a twisted rebuttal which somehow manages to convince me otherwise.
I guess time is special. Economics has always given the limelight to producers and how they shape the outlook and prospect of our economy. Time is unique, because we, the consumers, are full responsible for the benefit derived from consuming the good. Time itself is an opportunity cost to everything and anything. But the biggest opportunity cost is in not being able to recognize that it is avoidable. Then maybe God is the producer and this misallocation of resources is a major pity.
Time. Time to stop and think.
