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MicroeconomicsOptimization, Experiments, and Behavior$
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John P. Burkett

Print publication date: 2006

Print ISBN-13: 9780195189629

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195189629.001.0001

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Economics of Time

Economics of Time

Chapter:
(p.194) 16 Economics of Time
Source:
Microeconomics
Author(s):

John P. Burkett

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195189629.003.0016

This chapter examines issues related to the economics of time. It explains that in addition to its application in the calculation of interest rate or the price for the use of money for a period of time, the economics of time can also be applied to decisions about when to make the transition from school to work. Empirical evidence from the US indicates that each additional year of schooling raises earnings by about 10%. This chapter also provides several relevant computational exercises and solutions.

Keywords:   time, interest rate, school-to-work transition, earnings, price, economics

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