What if Price tags shows Hours of Work instead of Money?

[Biirakedee]

Imagine walking into a shop and you see a pair of shoe priced at 20 hours of work instead of a specific amount of money and a phone could cost 200 hours. Would you still spend your money the same way you do now?
We are used to looking at prices in our local currency but we hardly think about how much time we have spent working just to gather up that money. For someone earning very well, buying things might mean just some few hours of work while someone earning small could spend weeks or even months for the same item.

Money does make busing and selling easy but sometimes  we forget the time and effort behind what we spend. I’m just wondering about what people think of this. If shops truly displays prices in the amount of hours we spent working along with the normal price, would people become more careful with the way they spend or would it still not make any difference? Would you think twice before buying something if you knew how many hours you had to work to pay for it?

[Joy_learns_crypto]

Imagine walking into a shop and you see a pair of shoe priced at 20 hours of work instead of a specific amount of money and a phone could cost 200 hours. Would you still spend your money the same way you do now?
We are used to looking at prices in our local currency but we hardly think about how much time we have spent working just to gather up that money. For someone earning very well, buying things might mean just some few hours of work while someone earning small could spend weeks or even months for the same item.

Money does make busing and selling easy but sometimes  we areforget the time and effort behind what we spend. I’m just wondering about what people think of this. If shops truly displays prices incqqqq was the amount of hours we spent working along with the normal price, would people become more careful with the way they spend or would it still not make any difference? Would you think twice before buying something if you knew how many hours you had to work to pay for it?

It is still almost similar, like in your illustration someone earning small actually can't even afford some certain things and they mostly go for things that are of need, but some who earns well has the grounds to go for something luxurious even if they actually don't need it.
So already things are programmed as such so you don't need the shops and stores to put hours of work as price tag because already you know how much you work and what you earn.

[SatoPrincess]

Would you think twice before buying something if you knew how many hours you had to work to pay for it?

I don’t think it would make any difference. I know because people who live in countries where they earn per hour do the math subconsciously. Unfortunately, consumerism has such a stronghold on people today that cost doesn’t matter much to them. A person earning $15/hr working 40 hours per week will buy a product worth $1100 when they know they can’t afford it even if it’s on finance.

[Majestic-milf]

 I still feel people will purchase if things are tagged by hours and not in currency because humans are made to adapt to situations and as long as that's the only means to get what they want, they will do it. It will look like purchasing with money, even, just that those who can't afford much will buy within their means or keep working still dey can afford it.

[The Cryptovator]

Imagine walking into a shop and you see a pair of shoe priced at 20 hours of work instead of a specific amount of money and a phone could cost 200 hours. Would you still spend your money the same way you do now?

Yes, I will spend my money instead spending time. The cost of the time won’t be similar for everyone. In my country a daily labour cost of time would probably be $1 per hour, but higher job holders or businessmen's time costs would be $10+ or more. So it won't be possible, at least in my country.

Even the production cost shows in time; besides that, there would be a price in fiat as well if the seller wanted to sell their product to all persons. Otherwise, only poor people that like daily labour or similar will spend their time to purchase these products.

[m2017]

Imagine walking into a shop and you see a pair of shoe priced at 20 hours of work instead of a specific amount of money and a phone could cost 200 hours.

Would there be a difference in the value of these hours of work, whether you spent 20 hours hating your job, or 200 hours doing something you like and enjoy?

After all, the value of any given "amount of time" depends on how we perceive it.

Would you still spend your money the same way you do now?

I suppose that little would have changed.

We are used to looking at prices in our local currency but we hardly think about how much time we have spent working just to gather up that money.

That is precisely why money was invented: so we wouldn’t have to burden our minds with strange thoughts about how much time we’ve had to spend working.
 

For someone earning very well, buying things might mean just some few hours of work

Especially if it’s someone else’s time (an employee’s time) which was purchased for next to nothing.

while someone earning small could spend weeks or even months for the same item.

Such is this unfair world.

Money does make busing and selling easy but sometimes  we forget the time and effort behind what we spend.

Comparing personal income level with purchasing power (or with the incomes of others) can help keep this in perspective. Money (your salary) is a reflection of how effectively you use your time (which, incidentally, is a non-renewable resource).

If shops truly displays prices in the amount of hours we spent working along with the normal price, would people become more careful with the way they spend or would it still not make any difference?

Nothing would change. For the most part, people don't value their own time, as evidenced by the time spent on TV series, video games, or other "time-killers".

Would you think twice before buying something if you knew how many hours you had to work to pay for it?

Why not calculate the value of one hour of your time in monetary terms and compare it to current prices (expressed in a currency like the US dollar)? By doing this, you can determine exactly how many hours of your life it takes to purchase a given item. In other words, you simply need to convert the price of goods into the time required to earn them. That said, I suspect that even with this insight, most people wouldn’t actually change their consumption habits.

Furthermore, to make this experiment even more impactful, one could provide individuals with information on how many "discretionary" hours they actually have (that is, the time remaining after accounting for sleep, commuting, routine daily tasks, leisure, sick leave, and so on) before their total available time runs out.

[Fortify]

Imagine walking into a shop and you see a pair of shoe priced at 20 hours of work instead of a specific amount of money and a phone could cost 200 hours. Would you still spend your money the same way you do now?
We are used to looking at prices in our local currency but we hardly think about how much time we have spent working just to gather up that money. For someone earning very well, buying things might mean just some few hours of work while someone earning small could spend weeks or even months for the same item.

Money does make busing and selling easy but sometimes  we forget the time and effort behind what we spend. I’m just wondering about what people think of this. If shops truly displays prices in the amount of hours we spent working along with the normal price, would people become more careful with the way they spend or would it still not make any difference? Would you think twice before buying something if you knew how many hours you had to work to pay for it?

Most people who are financially savvy will already be making such calculations in their heads. It's an thought provoking idea but it's a bit dystopian when it comes to execution. Each price tag would have to be tailored to the individual because quite a few people are not living on the minimum wage, which presumably must be the baseline. Yet it's not something that is ever going to be implemented because it offers no incentive for the retailer. They want you to dissociate spending money from the object you're buying because that's how they make a profit. They're not interested in promoting good consumer finance because if everyone acted like a robot and acted "rationally" on every purchase then the whole economy would screech to a halt. You're looking at this from the point of view of a consumer saving their money, which is exactly the opposite of what businesses are trying to do - get products and services sold.

[ruykeri]

OP You yourself said that not everyone income is the same. Some people earn a lot of money in a short time, while others earn less money in a long time. So how do you calculate and write the time it takes to buy this product in place of the price tag of the product? If the price of a product is $50, then the person who is buying that product knows how long it will take for him to earn this amount of money.

And responsible people do not spend unnecessarily. Those who are used to maintaining a luxury lifestyle will spend unnecessarily. They do not think about how long it will take to earn that money. And no company actually wants people to think before buying their product, whether they will buy this product or not, it will not be a problem for them. Rather, those companies will follow such a strategy, so that people are interested in buying their product more.

[Cointxz]

Imagine walking into a shop and you see a pair of shoe priced at 20 hours of work instead of a specific amount of money and a phone could cost 200 hours. Would you still spend your money the same way you do now?

Assuming this price tag uses the average salary of the country then I believe spending might decrease for an average worker.

I once hesitated to purchase a gaming console just because my wife makes me realize it’s a month’s worth of salary here which I should just buy normally without thinking much.

But we all know this will never implement since each person has different salary rate therefore an 200hrs of labor to someone might be equal to 2hrs of a wealthy person.

[Don Pedro Dinero]

The cost of the time won’t be similar for everyone. In my country a daily labour cost of time would probably be $1 per hour, but higher job holders or businessmen's time costs would be $10+ or more. So it won't be possible, at least in my country.

It’s not possible in almost any country in the world because nobody earns the same hourly rate. I’ve looked at the first few comments and I’m surprised nobody has mentioned it. I say ‘almost’ any country in the world because I don’t know if in North Korea or somewhere like that everyone earns the same, but that would be the exception.

I do the maths in my head for big purchases, but not when I go to the supermarket.

[Jubilee58]

If a price tag is showing hour if work instead of money, not everyone would like to work before gaining such property. In this situation it will be most convenient for people who are part time workers, and not those with permanent employment. People who do part time job can work for hours to get the property they would have purchased with money, but someone is is already employed to work in a particular place as permanent employment wouldn't have such space, maybe the only free time he will have is during weekend, and might want to use it to rest instead of engaging in other work again. So the system might be good for some persons, but not really suitable for everyone.

[Bd officer]

Not everyone earns the same amount, so how will this work? Or will the shopkeeper ask about your income first? I don't think this will work.

And I think everyone spends money thoughtfully, maybe some people don't calculate. Personally, let's say my monthly income is $300 and if I go to buy something and if it costs $600, then the shopkeeper doesn't need to calculate it, here I can understand how many hours I had to work to earn $600. I calculate it like this and spend it. And I have to buy the necessary things, otherwise I have to depend on others.

[aoluain]

Well first off I would say everyone get paid a different hourly rate so different people would
react differently to such a price tag.

Secondly I'm thinking that its quite an interesting concept because in theory  we could relate
more to the value of an item for example if I want to buy some treats that I dont necessarily
need I can total them up and realise I have to work 2, 3 or 4 hours to buy these, I would say
if a lot of people were to realise this concept they would only buy half of their normal weekly
or monthly items.

Thirdly it could be based on the particular countries 'minimum wage' so everyone could base
their hours off of that perhaps.

[Humblevirus]

Imagine walking into a shop and you see a pair of shoe priced at 20 hours of work instead of a specific amount of money and a phone could cost 200 hours. Would you still spend your money the same way you do now?
We are used to looking at prices in our local currency but we hardly think about how much time we have spent working just to gather up that money. For someone earning very well, buying things might mean just some few hours of work while someone earning small could spend weeks or even months for the same item.

Money does make busing and selling easy but sometimes  we forget the time and effort behind what we spend. I’m just wondering about what people think of this. If shops truly displays prices in the amount of hours we spent working along with the normal price, would people become more careful with the way they spend or would it still not make any difference? Would you think twice before buying something if you knew how many hours you had to work to pay for it?

The point is that some people easily forget the kind of pain they go through after achieving their aims, and that is why some people spend money anyhow. Whether the number of hours it takes to make that amount of money should be displayed or not, there are some people who will never think twice before buying whatever they want.So, I don't think there will be much difference in showing the number of hours someone has to work to earn the money they use to buy things for themselves. What really matters is what someone is spending the money on and whether that thing is essential or not.If something is not essential to us, we don't need to spend money on it anyhow. What should matter most is distinguishing between our wants and our needs before spending money, regardless of whether we earn it easily or through hard work.

[aioc]

Imagine walking into a shop and you see a pair of shoe priced at 20 hours of work instead of a specific amount of money and a phone could cost 200 hours. Would you still spend your money the same way you do now?

No shop will implement this in our country because not all workers have the same rate. Yes, we do have a minimum rate, but there are workers with lower rates, and there are so many informal workers here on a contractual basis, and this will discriminate against them. If you base it on the buyer's hourly rate, then the business will suffer because there is no uniform rate for the product he is selling. This is quite complicated for the buyers and sellers here in our country

Would you think twice before buying something if you knew how many hours you had to work to pay for it?

I'm not going to think of that. If I'm buying necessities, we are working to buy things that we need and what we want, and we promise to get it regardless of the number of hours we've worked.

[fighter2627]

Would you think twice before buying something if you knew how many hours you had to work to pay for it?

I don’t think it would make any difference. I know because people who live in countries where they earn per hour do the math subconsciously. Unfortunately, consumerism has such a stronghold on people today that cost doesn’t matter much to them. A person earning $15/hr working 40 hours per week will buy a product worth $1100 when they know they can’t afford it even if it’s on finance.

If in our country the per hour amount was like that, there would definitely not be that many poor people in the country where I was born. Due to that kind of salary of 1100$ a month can
be considered a middle class level of living.

But the rate is not like that in our country instead the average employee's monthly salary here is only between 250$-400$ depending on their job position in the company or business.
Also, if they buy something that they worked for for a few weeks, it's probably not bad that they buy something expensive due to they worked hard for it, although there are other
people who are also practical.

[stompix]

We are used to looking at prices in our local currency but we hardly think about how much time we have spent working just to gather up that money. For someone earning very well, buying things might mean just some few hours of work while someone earning small could spend weeks or even months for the same item.

So based on your experience...
A guy making $100 a month walks in a Ferrari dealership, buys the car, and then when he drives home he thinks, wait...I spent 500 years of my wage on this?
It so funny to even think that people who enter a shop spend their money so easily and now even care what they actually make; how would they even be able to spend that if they aren't even capable of earning it.

Again and again, the merit fishing tactics just produce the dumbest ideas and topics around here.

If shops truly displays prices in the amount of hours we spent working along with the normal price, would people become more careful with the way they spend or would it still not make any difference?

Yeah, so the shop would have access to your payroll and your retina scan to do this, right?
Any other bright ideas?

[Smack That Ace]

Would you think twice before buying something if you knew how many hours you had to work to pay for it?

I think it mostly come down to financial awareness and literacy. If someone does not know how to manage money or think twice before spending, showing price in hours of work won't necessarily change their mind. On the other hand, people who manage their money well and stick to a budget probably  won't change their spending habits just because prices are shown in work hour instead of money.

At the end of the day ,  it's not just about how price are displayed .  But how people view and handle their money.

[Die_empty]

Money does make busing and selling easy but sometimes  we forget the time and effort behind what we spend. I’m just wondering about what people think of this. If shops truly displays prices in the amount of hours we spent working along with the normal price, would people become more careful with the way they spend or would it still not make any difference? Would you think twice before buying something if you knew how many hours you had to work to pay for it?

It will affect the way I spend money. Sometimes we don't know how much time we spend raising the money we are using to buy a thing. When I calculate how many hours I spend to earn the amount I spend recklessly, I begin to regret why I spent the money.

In my view, valuing items based on work hours might promote prudence. People will spend carefully since they know how long they worked for a particular thing. This doesn't mean that it will end recklessness. Some people might not care about this concept.

[Marvelockg]

Money does make busing and selling easy but sometimes  we forget the time and effort behind what we spend. I’m just wondering about what people think of this. If shops truly displays prices in the amount of hours we spent working along with the normal price, would people become more careful with the way they spend or would it still not make any difference? Would you think twice before buying something if you knew how many hours you had to work to pay for it?

what about the selling putting the equivalent of the time he spent in building the item you are buying intl consideration?  would you be able to buy it? what if he factors in what else he could have used the time and money for?

the system we are operating especially the buying and selling system allows us to buy what we need with the resource we have. as long as you need it, it doesn't matter  how long you spent in gathering that money. you will still spend it eventually