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DanielLC comments on Money: The Unit of Caring - Less Wrong
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Comments (126)
This sounds like an excellent idea. I personally am quite stingy with money but waste time with reckless abandon. I really ought to attach a dollar value per unit of time. Of course, I haven't done this because I'm worried that if I do this I'll be unable to spend any time on anything (if I had to spend $8 to spend an hour on anything... I can't imagine that at all). I suppose the problem here is that I'm valuing my money too highly and need to lower the attached value per dollar. I could probably start by attaching an unrealistically low value to the time, like $1 an hour perhaps, and then gradually upping it.
I think you're misapplying the method. "Pay $8 to spend an hour on anything" - you're counting the cost twice: one time spending the money, and the second spending the time. Maybe a better metric would be "I'd rather be paid $8 for spending an hour doing exactly nothing".
I may be wrong, though.
I think they meant it more like "Spending an hour of time on doing X will feel the same as spending $8 on doing X from the inside."
I may be wrong, though!
It makes sense, but I can't entirely convince myself that it's the best way to look at it. A gut feeling that something's wrong - I cannot throw out the time from the equation.
Ad absurdum - I look at everything that I can do with my free time and decide nothing is worth paying $8 per hour. So what do I do? Maybe work, so I can get my $8 back. Yeah, that's the idea.
I'm not convinced that it's the best way to think about it.