Quality Time

Daniel Hamermesh wrote a blog yesterday about income elasticity and quality/quantity trade off.  Rich people don’t (necessarily) consume more than poor people, but they do consume better quality goods.  Hamermesh chalks this up to the fact that no matter how rich you are, there are only 24 hours in a day.  It takes at least twice as long to eat two Big Mac meals in place of one, but it takes the same amount of time to eat an arugula salad as it takes to eat one Big Mac meal.

Imagine if we could buy and sell time.  Would we have long lived rich and short lived poor?  Would an extra day of rich life be pricier than an extra day of poor life? Would the ultra rich live extremely long lives?

Wait, maybe that market already exists


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