WARWICK, England (CNN) -- A mathematical formula calculated by a British university professor has found that time actually is money.
According to the equation, the average British minute is worth just over 10 pence (15 cents) to men and eight pence (12 cents) to women.
The formula is: V=(W((100-t)/100))/C, where V is the value of an hour, W is a person's hourly wage, t is the tax rate and C is the local cost of living.
It shows that there is no such thing as a free lunch or even a free dinner, while brushing your teeth for three minutes uses up 30 pence (45 cents) in "lost" time, and washing a car by hand has a hidden cost of £3 ($4.50).
Economics professor Ian Walker, of central England's Warwick University, says process can show people just how valuable their time is in relation to any task they have to perform, from a lie-in or cooking a meal to sleeping and working.
He says it also allows people to work out whether they are getting a fair rate for overtime, as well as helping them to decide whether it is worth spending extra cash to save time.
It can judge the financial cost of a takeaway against the time taken to cook dinner, or the relative benefits of using a taxi or saving with the bus.
In Britain, the formula means that an hour for a man on average earnings is worth £6.16 ($8.99), while the average woman's time is worth £4.87 ($7.10) per hour.
The study found that the typical cost of cooking dinner, including the value of time spent and the value of the ingredients, was £10.77 ($15.72) for men and £9.81 ($14.30) for women.
The average cost of ordering a take away meal was £5.01 ($7.31) for men and £4.96 ($7.24) for women.
Walker said: "This research is the first of its kind to take into account the overall picture of how highly our time is being valued.
"Traditionally, wages or salaries have given an indication of how we are valued at work, however, by looking at salaries against taxation, the cost of living and regional variations, we can see how much an hour of our time is worth whether at work or home.
"What this helps us understand is that as the value of our time rises, we are likely to buy more of it, which explains why people are paying to save time, like having someone to cut the lawn or clean the house."
Friday, 13 March 2009
Friday, 24 October 2008
Where to invest your money?
Where to invest your money?With the stock market in the grip of a severe bear grip, chances are you aren't too sure of your equity investments. Debt-oriented mutual funds too are giving low returns. In such a scenario, bank fixed deposits look like safe investments. Moreover, Indian banks are more secure than their Western counterparts, making FDs a safe bet.
Tuesday, 7 October 2008
Obama's tribute to Mahatma Gandhi on 2nd October - Gandhi's 139th birth anniversary
October 2, 2008
Gandhi Service Day
Dear Friends,
It's a pleasure for me to join today in commemorating Mahatma Gandhi's day of birth, celebrated across America and around the world by service to our neighbors and other good works. Gandhi's commitment to creating positive change by bringing people together peacefully to demand it resonate as strongly today as they did during his lifetime. Through the power of his example and his own unshakeable spirit, he inspired a people to resist oppression, sparking a revolution that freed a nation from colonial rule. In formulating his strategy to achieve freedom, Gandhi had a choice, and he chose courage over fear.
America faces many choices as we work to address the challenges of our time. We must act from a place of strength and conviction to reclaim the high road and position of moral leadership that has defined the United States at its best.
Gandhi's significance is universal. Countless people around the world have been touched by his spirit and example – his victory in turn inspired a generation of young Americans to peacefully wipe out a system of overt oppression that had endured for a century, and more recently led to velvet revolutions in Eastern Europe and extinguished apartheid in South Africa. Nelson Mandela, the Dalai Lama and Dr. Martin Luther King, Jr., spoke of their great debt to Gandhi. His portrait hangs in my office to remind me that real change will not come from Washington - it will come when the people, united, bring it to Washington.
This is a pivotal election. This is our time for change. For far too long, we've watched as ordinary Americans work harder and harder for less and less. We've watched our standing in the world erode as we continue to lose American lives in a war that should've never been authorized and never been waged. I need you to stand up and work for change. Let us all rededicate ourselves, every day from now until November 4th, and beyond, to living Gandhi's call to be the change we wish to see in the world.
Sincerely,
Barack Obama
Gandhi Service Day
Dear Friends,
It's a pleasure for me to join today in commemorating Mahatma Gandhi's day of birth, celebrated across America and around the world by service to our neighbors and other good works. Gandhi's commitment to creating positive change by bringing people together peacefully to demand it resonate as strongly today as they did during his lifetime. Through the power of his example and his own unshakeable spirit, he inspired a people to resist oppression, sparking a revolution that freed a nation from colonial rule. In formulating his strategy to achieve freedom, Gandhi had a choice, and he chose courage over fear.
America faces many choices as we work to address the challenges of our time. We must act from a place of strength and conviction to reclaim the high road and position of moral leadership that has defined the United States at its best.
Gandhi's significance is universal. Countless people around the world have been touched by his spirit and example – his victory in turn inspired a generation of young Americans to peacefully wipe out a system of overt oppression that had endured for a century, and more recently led to velvet revolutions in Eastern Europe and extinguished apartheid in South Africa. Nelson Mandela, the Dalai Lama and Dr. Martin Luther King, Jr., spoke of their great debt to Gandhi. His portrait hangs in my office to remind me that real change will not come from Washington - it will come when the people, united, bring it to Washington.
This is a pivotal election. This is our time for change. For far too long, we've watched as ordinary Americans work harder and harder for less and less. We've watched our standing in the world erode as we continue to lose American lives in a war that should've never been authorized and never been waged. I need you to stand up and work for change. Let us all rededicate ourselves, every day from now until November 4th, and beyond, to living Gandhi's call to be the change we wish to see in the world.
Sincerely,
Barack Obama
Thursday, 2 October 2008
ON THE OCCASSION OF 139th BIRTHDAY OF MAHATMA GANDHI
On the occassion of 139th Birthday of Mahatma GandhiGandhi's Talisman
With warm regards, peace and love,
robert dmello
Subscribe to:
Comments (Atom)
