….but how many people really think of it as currency? The Economist offered an interesting commentary on the value of time last week or, more accurately, on the hidden cost of wasted time. It seems two billion people around the world have watched the Korean music video “Gangnam Style” on YouTube. The Economist commented, “At 4:12 minutes, that equates to more than 140 million hours, or more than 16,000 years.” That’s about how long it would take to build:
- 20 Empire State buildings
- 4 Great Pyramids of Giza
- 6 Burj Khalifas (skyscraper in Dubai)
- Another Wikipedia (write and edit all revisions)
So, was that time poorly spent? The Economist pointed out the opportunity cost was fairly high. The opportunity cost of a choice (watching a music video instead of doing something else) is equal to the value of the choice that has not been made. Of course, if watching the video gets the creative juices flowing and inspires an invention or innovation then, depending on how profitable the idea is, the opportunity cost may be negligible.