The single greatest breakthrough in 21st century economics is the comprehensive and creative translation of prices into time-time prices. They calculate hours and minutes needed to earn money to buy goods and services. They are unequivocal and universal. What has happened to the time prices of the commodities that we purchase every day? Join Ron and Ed to explore this dynamic new measurement of economic well-being throughout history.
Learning Objectives
• Determine and calculate how time prices have decreased since 1850.
• Recognize how all sources of measurement are rooted in time.
• Identify why time prices make more sense than money prices to measure real standards of living.
Major Topics
• The Simon Abundance framework
• The ratio of resources to population
• There's no such thing as a natural resource
• The correlation between population growth and the increased standards of living
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