"one pays for the time"
Saturday, July 22, 2006
One doesn't pay for the work, but for the time. Time is of value. The premium thats paid for the time depends on how valuable the time spent was.
Posted byPraveen J at 7:20 PM
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:) There is a small logical error in these lines. Read carefully, "One doesn't pay for the work, but for the time. Time is of value. The premium that's paid for the time depends on how valuable the time spent was." Firstly, you established that payment is made for time spent rather than work done. But then, in the second line, you say that "the premium that's paid for the time depends on how valuable the time spent was". This effectively means, "the premium that's paid for the time depends on how much and what kind of work you did in that time." So, you might be negating yourself.
I think that payment is made according to a person's contribution towards the society. Although this is an idealistic situation, the logic behind payments is the same. Please check my post "Money" on my blog, I've written something about this over there.
The lines are supposed to stress the importance of "time". But, how one values the time is based on the quality and quantity of work done which may again vary from time to time.
If a software engineer is paid 30 USD per hour in 2003, for the same work, say in 2006, he may be paid only 10 USD, which in turn means that the quality expected in 2006 is less than that expected in 2003.
The constant is time. You pay for the time. But value and the premium paid for the value depends on the the quality and/or quantity of the work, that assesses a value for the time.
PS:I am yet to go thru ur post "Money", will do it
Consider this example. A man, working in a factory receives a salary of Rs.2400 for a month. This effectively means that he receives Rs.10 for an hour of work, considering that he works for 8 hours each day and for 30 days in a month. On the other hand, another man, working as a CEO of a huge multinational company receives a salary of Rs.2,40,00,000 per month. This effectively means that he receives Rs.1,00,000 for an hour of work, considering that he too works for 8 hours each day and for 30 days in a month. So can you explain how your theory might describe this example?
Its simple. The last sentence of mine says, "the premium thats paid for the time depends on how valuable the time spent was". The CEO's time is more valuable than the factory floor worker and that makes the difference. Even with CEO's, may be current IT based company CEO's are paid higher than the "brick and mortar" companies, which could be reversed when IT boom is burst. The difference is the value of time spent varies from time to time.