Arshad's Blog

The Economics of Time

You can never find time. You can only allocate time.

This is the most important thing all of us needs to understand. You have 24 hours. I have 24 hours too. So does everyone else. Time is the only resource where there is no inequality in distribution. Ever.

But time is also limited. If you want to spend time on another, you have to give up another. This is economics 101.

Say you have a goal to read more books this month. You have plenty of time to read. You simply choose to spend it on other things. So, yes, you’ll have to give up watching 2 hours of TV a night if you want to make time for your other goals.

In economic terms, for any limited resource, however you use it there is always an opportunity cost— the cost of how it could have been used.

On any given day you could allocate your time in a million different manner. And your allocation of time will determine how close you come to hitting any big goal you have.

You can paint your day however you want. But how you paint each day is what will determine how the whole picture turns out.