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  • And so, from what I understand from your that time theory is you don't you don't look at prices in terms of money, but you use it in the amount of time we sacrifice in order to acquire those goods.

  • That's right.

  • It's a completely different person.

  • A rail price.

  • The true price of anything is the number of hours of work you have toe expend to buy it.

  • Okay.

  • And that measure, um obviates all the complexities of economic analysis summed up in consumer price indices.

  • GDP deflate er's purchasing power parities.

  • Always the economists try to guess how different currencies relate to one another are transcended by the simple measure of how many hours you have disband in order to acquire the money to buy anything.

  • And this is hours, minutes, seconds, or universal measuring stick, which can be applied to all problems evaluation.

  • And and this is these are the true prices is as William Nordhaus sort of half got this idea.

  • He really got the idea and calls time prices the true prices.

  • But then he didn't quite understand the full implications based on that framework.

  • How can you look at the economy today versus one of, say, 20 years ago.

  • How are we doing?

  • We're doing fabulously better than people like the economists believe.

  • Economists are all door there, plunged deep into the dismal science again, and they think we're running out of stuff and they think the climate is collapsing.

  • They think that economies air stagnating, that innovation is slowing.

  • All these beliefs that interest rates or zero or below.

  • All these beliefs are disproven by the use of true prices, which is the essentially calculated by the nominal GDP, whatever it consists of and the nominal average wage.

  • You divide one into the other and you get a time price in hours and minutes and seconds, and they define the rill of values in the economy and they show time.

  • Prices show that we're in a era of tremendous technological and economic growth and press verity way, have psychological problems.

  • We have philosophical problems.

  • We had terrible political perplexities, but economic growth is, uh, in a great boom, measured by the fact that the average worker every year has to spend less and less time to buy the goods and services that sustains life.

And so, from what I understand from your that time theory is you don't you don't look at prices in terms of money, but you use it in the amount of time we sacrifice in order to acquire those goods.

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TRUE PRICE OF ANYTHING: Measure What You Own By The Time You Spent Working For It | George Gilder

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    林宜悉   に公開 2020 年 08 月 01 日
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