The Information Exchange

1 · Seth Vargo · Sept. 29, 2011, midnight
Time is money. We often hear this phrase in a metaphorical sense, but what if it were actually true? What if time could be considered a medium of exchange just like the US Dollar, The Yen, or the Euro? Throughout this thought paper, we will explore why time is an excellent medium for exchange in information markets. Why does money work? In order for something to be a medium for exchange, it must have certain properties. First, it needs some kind of value - it needs to be measurable. Money is me...