Abstract
This chapter discusses the economics of the value of human time. The difference in the economic value of human time between low- and high-income countries is very large. At the time when the foundations of classical economics were established, however, the value of human time throughout Western Europe was exceedingly low. In the United States, for instance, real earnings per hour of work have risen fivefold since 1900. The upward trends in real wages in industry in France, Germany, Sweden, and the United Kingdom are much like that in the United States, with some notable differences. The historical fact is that, despite the vast accumulation of capital, the real rate of return on investment has not diminished over time. There has been much aimless wandering in analyzing growth that could have been avoided had the perceptions of Alfred Marshall been heeded. The elaboration of the short view by economists with increasing subtlety, refinement, and elegances is, nevertheless, a structure built on shifting sand.
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