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How much time is money?
Many decisions we make concern time or money. Both are scarce resources, but the relationship between them can be unexpected
My first summer job was as an attendant in a petrol station and car wash facility. The six weeks I spent refuelling vehicles and/or ensuring they made it safely through the car wash tunnel was a lucrative, as well as educative period. Admittedly, some of what I learned was trivial and turned out to be of little use later in life. I once spent five minutes, with the nozzle in my hand, circling an old Fiat 500, looking for the filler flap, only then to be told by the owner (who was chatting with my boss) that the tank is underneath the bonnet (which is in fact the boot lid, as the engine is in the rear — but I digress). Other knowledge was more useful: I learned that a rubber boot is scant protection against the weight of a VW Porsche as mechanism drags it forward, agonizingly slowly, over your injudiciously placed foot, while you try to keep a brave face as you wipe the remaining water droplets from its windscreen.
But the most important lesson was that time is money. I gave up my free time during the Summer school break, but in return I got an hourly wage of 67 BEF (about 7 euros, £6, or nearly $8 in today’s money) plus a share of the generous tips. That money more than…
