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The Measuring Rod of Time: The Example of Swedish Day‐fines
Author(s) -
ERIKSSON LINA,
GOODIN ROBERT E.
Publication year - 2007
Publication title -
journal of applied philosophy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.339
H-Index - 30
eISSN - 1468-5930
pISSN - 0264-3758
DOI - 10.1111/j.1468-5930.2007.00376.x
Subject(s) - value (mathematics) , economics , time value of money , work (physics) , keynesian economics , positive economics , mathematics , finance , statistics , engineering , mechanical engineering
‘Time is money’, Benjamin Franklin's ‘Poor Richard’ tells us. But instead of converting time expenditures into monetary equivalents, it makes more sense in many cases to convert money into temporal equivalents. The difficulty in putting a monetary value on time in unpaid household labour, when adjusting the National Accounts, points to the problems of the first approach. The advantages of the latter approach are illustrated by the Swedish system of specifying criminal fines in terms of the number of days the offender would have to work to pay them off .