Unit 3: Time and Labor
The third unit focuses on understanding time, and using it to explain the concept of scarcity, which is the starting point of all economic analysis. And how humans make decisions about their time and labor. Based on the work of economist Julian Simon,I explain how the only real scarcity is the scarcity of human time. We are able to direct human time to make ever-larger quantities of all commodities, goods, and services imaginable. But human time is limited, and irreversible. No amount of resourcescan buy back time that has passed. Humans always prefer enjoyment in the presence to the future, which gives them a positive time preference, a very important concept which we discuss in-depth in this course and in the next course, ECON104: Principles of Austrian Economics II. Human economizing of time is the basis of all economics, and we must constantly choose between dedicating our time to labor, or to leisure.
Completing this unit should take you approximately 3 hours.
3.1: Time, the Ultimate Resource Lecture
3.2: Time, the Ultimate Resource Discussion
3.3: Time, the Ultimate Resource Review