Unit 3: Time and Labor
Completing this unit should take you approximately 3 hours.
Upon successful completion of this unit, you will be able to:
- Explain why time is the ultimate scarce resource.
- Explain why humans will not run out of material resources, such as metals, even as population and consumption continue to grow over time.
- Describe the Simon-Ehrlich bet and its implications on the difference between thinking statically and through the lens of human action.
- Explain the concept of time preference, how is it measured and what factors influence it.
- Differentiate concepts of labor and leisure, explain the trade-off between them.
- Explain how the value of labor has changed over time.
3.1: Time, the Ultimate Resource Lecture
In this section, you will watch a video lecture that encourages us to think about time as a resource, and apply the framework of human action to understand how it functions. Topics covered include: Uniqueness of time as a resource • Economic scarcity as a product of the scarcity of time • Why resources never run out • The Simon-Ehrlich bet • What is time preference • How is it measured • Factors influencing time preference • The trade-off between labor and leisure • The value of labor over time
3.2: Time, the Ultimate Resource Discussion
- Since you have watched the video lecture for unit 3, it's time to watch Dr. Saifedean moderate a discussion on the unit's theme by addressing questions asked by your fellow classmates. As you watch the discussion unfold, take notes to help you retain information. Make sure you watch the entire discussion seminar video, otherwise you may skip over important points. To get the best learning experience and mastery of the major concepts covered in this unit, you'll want to watch all videos in their entirety,
3.3: Time, the Ultimate Resource Review
This resource contains a summary of some of the key concepts discussed in unit 3. Don't skip ahead - the information on this page is easier to understand if you have watched the video lecture and discussion seminar video in their entirety. Bookmark this resource to keep it handy during studying.
Write a 500 word essay on how the value of labor has changed over time. Do not worry about an introduction or a conclusion. Just explain how it has changed. Include positive and negative effects, and address possible ramifications. Understanding the difference between economic way of thinking and static thinking will help you develop your essay. You will post your completed essay in the next section.
This activity does not count towards your grade.
Post your finished essay here. Make sure you respond to another student's essay.