Resource tradeoffs
Productivity is the careful use of one'sResource tradeoffs are exchanges between resources, including timesuch as money, time, and money. energy.
To make effective time-money tradeoffs,tradeoffs, it's important to be able to estimate the value of a marginal hour of one's time.
Bye, Lynette (2019) How much is your time worth?, LessWrong, September 2.
Cotton-Barratt, Owen (2015) Neutral hours: a tool for valuing time and energy, Global Priorities Project, March.
Yeah, I think renaming it Resource tradeoffs makes sense. I will go ahead and make the change in a couple of days if no one objects.
One option would be to generalise it into "resource tradeoffs" or something like that, since there are other kinds of resources besides time and money. One tagged article is about "time-time tradeoffs", which doesn't quite with with the title.
A related concept one may want to use is "resource neutrality" (or some other term for the same concept)- that we should be neutral regarding what resources to spend (e.g. time vs money), just like we should be neutral regarding what cause to choose. Caroline Ellison effectively discusses such neutrality (without explicitly mentioning it) in her recent post. Such a concept could also be discussed in the cause neutrality entry.
LessWrong (2021)Bye, Lynette (2019) Time (value of)How much is your time worth?, LessWrong Wiki, January 25.September 2.
To make effective time-money tradeoffs, it's necessaryimportant to be able to estimate the value of a marginal hour of one's time.
Productivity is the careful use of one's resources, including time and money. Most people trade significant amounts of their time for money on a daily basis (e.g., working to earn income), and conversely money can be spent to free one's time (e.g., paying someone else to spend their time on a task).
To make effective time-money tradeoffs, it's necessary to be able to estimate the value of a marginal hour of one's time.
Done. I think the entry needs to be revised and expanded a bit, and I may do that eventually, but feel free to improve it.