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.