In economics, a time-based currency is an alternative currency or exchange system where the unit of account is the person-hour or some other time unit. Some time-based currencies value everyone's contributions equally: one hour equals one service credit. In these systems, one person volunteers to work for an hour for another person; thus, they are credited with one hour, which they can redeem for an hour of service from another volunteer. Others use time units that might be fractions of an hour (e.g. minutes, ten minutes – 6 units/hour, or 15 minutes – 4 units/hour). While most time-based exchange systems are service exchanges in that most exchange involves the provision of services that can be measured in a time unit, it is also possible to exchange goods by 'pricing' them in terms of the average national hourly wage rate (e.g. if the average hourly rate is $20/hour, then a commodity valued at $20 in the national currency would be equivalent to 1 hour).
Time-based currency exchanges date back to the early 19th century.
The Cincinnati Time Store (1827-1830) was the first in a series of retail stores created by American individualist anarchist Josiah Warren to test his economic labor theory of value. The experimental store operated from May 18, 1827 until May 1830. The Cincinnati Tire Store experiment in use of labor as a medium of exchange antedated similar European efforts by two decades.
The National Equitable Labour Exchange was founded by Robert Owen, a Welsh socialist and labor reformer in London, England, in 1832. It was established in Birmingham, England, before folding in 1834. It issued "Labour Notes" similar to banknotes, denominated in units of 1, 2, 5, 10, 20, 40, and 80 hours. John Gray, a socialist economist, worked with Owen and later with Ricardian Socialists and postulated a National Chamber of Commerce as a central bank issuing a labour currency.
In 1875, Karl Marx wrote of "Labor Certificates" (Arbeitszertifikaten) in his Critique of the Gotha Program of a "certificate from society that [the labourer] has furnished such and such an amount of labour", which can be used to draw "from the social stock of means of consumption as much as costs the same amount of labour."
Edgar S. Cahn coined the term "Time Dollars" in Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time-Into Personal Security & Community Renewal, a book co-authored with Jonathan Rowe in 1992. He also went on to trademark the terms "TimeBank" and "Time Credit".
Timebanking is a community development tool and works by facilitating the exchange of skills and experience within a community. It aims to build the 'core economy' of family and community by valuing and rewarding the work done in it. The world's first timebank was started in Japan by Teruko Mizushima in 1973 with the idea that participants could earn time credits which they could spend any time during their lives. She based her bank on the simple concept that each hour of time given as services to others could earn reciprocal hours of services for the giver at some stage in the future, particularly in old age when they might need it most. In the 1940s, Mizushima had already foreseen the emerging problems of an ageing society such as seen today. In the 1990s the movement took off in the US, with Dr Edgar Cahn pioneering it there, and in the United Kingdom, with Martin Simon from Timebanking UK.
Paul Glover created Ithaca Hours in 1991. Each HOUR was valued at one hour of basic labor or $10.00. Professionals were entitled to charge multiple HOURS per hour, but often reduced their rate in the spirit of equity. Millions of dollars' worth of HOURS were traded among thousands of residents and 500 businesses. Interest-free HOUR loans were made, and HOUR grants given to over 100 community organizations.
According to Edgar S. Cahn, timebanking had its roots in a time when "money for social programs [had] dried up" and no dominant approach to social service in the U.S. was coming up with creative ways to solve the problem. He would later write that "Americans face at least three interlocking sets of problems: growing inequality in access by those at the bottom to the most basic goods and services; increasing social problems stemming from the need to rebuild family, neighborhood and community; and a growing disillusion with public programs designed to address these problems" and that "the crisis in support for efforts to address social problems stems directly from the failure of ... piecemeal efforts to rebuild genuine community." In particular Cahn focused on the top-down attitude prevalent in social services. He believed that one of the major failings of many social service organizations was their unwillingness to enroll the help of those people they were trying to help. He called this a deficit based approach to social service, where organizations view the people they were trying to help only in terms of their needs, as opposed to an asset based approach, which focuses on the contributions towards their communities that everyone can make. He theorized that a system like timebanking could "[rebuild] the infrastructure of trust and caring that can strengthen families and communities." He hoped that the system "would enable individuals and communities to become more self-sufficient, to insulate themselves from the vagaries of politics and to tap the capacity of individuals who were in effect being relegated to the scrap heap and dismissed as freeloaders."
Ideally, timebanking builds community. TimeBank members sometimes refer to this as a return to simpler times when the community was there for its individuals. An interview at a timebank in the Gorbals neighbourhood of Glasgow revealed the following sentiment:
[the time bank] involves everybody coming together as a community ... the Gorbals has never—not for a long time—had a lot of community spirit. Way back, years ago, it had a lot of community spirit, but now you see that in some areas, people won't even go to the chap next door for a some sugar ... that's what I think the project's doing, trying to bring that back, that community sense ...
In 2017 Nimses offered a concept of a time-based currency Nim. 1 nim = 1 minute of life. The concept was first adopted in Eastern Europe. The concept is based on the idea of universal basic income. Every person is an issuer of nims. For every minute of his/her life he creates 1 nim that can be spent or sent to other person as well as money.
Time dollars are a tax-exempt complementary currency used as a means of providing mutual credit in TimeBanking. They are typically called "time credits" or "service credits" outside the United States. TimeBank members exchange services for Time Dollars. Each exchange is recorded as a corresponding credit and debit in the accounts of the participants. One hour of time is worth one Time Dollar, regardless of the service provided in one hour or how much skill is required to perform the task during that hour. This "one-for-one" system that relies on an abundant resource is designed to both recognize and encourage reciprocal community service, resist inflation, avoid hoarding, enable trade, and encourage cooperation among participants.
Timebanks have been established in 34 countries, with at least 500 timebanks established in 40 US states and 300 throughout the United Kingdom. TimeBanks also have a significant presence in Japan, South Korea, New Zealand, Taiwan, Senegal, Argentina, Israel, Greece, and Spain. TimeBanks have been used to reduce recidivism rates with diversionary programs for first-time juvenile offenders; facilitate re-entry of for ex-convicts; deliver health care, job training and social services in public housing complexes; facilitate substance abuse recovery; prevent institutionalization of severely disabled children through parental support networks; provide transportation for homebound seniors in rural areas; deliver elder care, community health services and hospice care; and foster women's rights initiatives in Senegal.
Timebanking is a pattern of reciprocal service exchange that uses units of time as currency. It is an example of a complementary monetary system. A timebank, also known as a service exchange, is a community that practices time banking. The unit of currency, always valued at an hour's worth of any person's labor, used by these groups has various names but is generally known as a time credit in the US and the UK (formerly a time dollar in the US). Timebanking is primarily used to provide incentives and rewards for work such as mentoring children, caring for the elderly, being neighborly—work usually done on a volunteer basis—which a pure market system devalues. Essentially, the "time" one spends providing these types of community services earns "time" that one can spend to receive services. As well as gaining credits, participating individuals, particularly those more used to being recipients in other parts of their lives, can potentially gain confidence, social contact and skills through giving to others. Communities, therefore, use time banking as a tool to forge stronger intra-community connections, a process known as "building social capital". Timebanking had its intellectual genesis in the US in the early 1980s. By 1990, the Robert Wood Johnson Foundation had invested USD 1.2 million to pilot time banking in the context of senior care. Today, 26 countries have active TimeBanks. There are 250 TimeBanks active in the UK and over 276 TimeBanks in the U.S.
Timebank members earn credit in Time Dollars for each hour they spend helping other members of the community. Services offered by members in timebanks include: Child Care, Legal Assistance, Language Lessons, Home Repair, and Respite Care for caregivers, among other things. Time Dollars AKA time credits earned are then recorded at the timebank to be accessed when desired. A Timebank can theoretically be as simple as a pad of paper, but the system was originally intended to take advantage of computer databases for record keeping. Some Timebanks employ a paid coordinator to keep track of transactions and to match requests for services with those who can provide them. Other Timebanks select a member or a group of members to handle these tasks. Various organizations provide specialized software to help local Timebanks manage exchanges. The same organizations also often offer consulting services, training, and other materials for individuals or organizations looking to start timebanks of their own.
Example services offered by timebank members
|Child care||Legal assistance||Language lessons|
|Home repair||Respite care||Account management|
|Writing||Odd jobs||Office/business support|
The mission of an individual timebank influences exactly which services are offered. In some places, timebanking is adopted as a means to strengthen the community as a whole. Other timebanks are more oriented towards social service, systems change, and helping underprivileged groups. In some timebanks, both are acknowledged goals.
The time credit is the fundamental unit of exchange in a timebank, equal to one hour of a person's labor. In traditional timebanks, one hour of one person's time is equal to one hour of another's. Time credits are earned for providing services and spent receiving services. Upon earning a time credit, a person does not need to spend it right away: they can save it indefinitely. However, since the value of a time credit is fixed at one hour, it resists inflation and does not earn interest. In these ways it is intentionally designed to differ from the traditional fiat currency used in most countries. Consequently, it does little good to hoard time credits and, in practice, many timebanks also encourage the donation of excess time credits to a community pool which is then spent for those in need or on community events.
Some criticisms of timebanking have focused on the time credit's inadequacies as a form of currency and as a market information mechanism. Frank Fisher of MIT predicted in the 80s that such a currency "would lead to the kind of distortion of market forces which had crippled Russia's economy."
Dr. Gill Seyfang's study of the Gorbals TimeBank—one of the few studies of timebanking done by the academic community—listed several other non-theoretical problems with timebanking. The first is the difficulty of communicating to potential members exactly what makes timebanking different, or "getting people to understand the difference between timebanking and traditional volunteering." She also notes that there is no guarantee that every person's needs will be provided for by a timebank by dint of the fact that the supply of certain skills may be lacking in a community.
One of the most stringent criticisms of timebanking is its organizational sustainability. While some member-run TimeBanks with relatively low overhead costs do exist, others pay a staff to keep the organization running. This can be quite expensive for smaller organizations and without a long-term source of funding, they may fold.
The Community Exchange System (CES) is a global network of communities using alternative exchange systems, many of which use timebanks. Timebanks can trade with each other wherever they are, as well as with mutual credit exchanges. The system uses a base 'currency' of one hour, and the conversion rates between the different exchange groups are based on national average hourly wage rates. This allows timebanks to trade with mutual credit exchanges in the same or different countries.
Elderplan was a social HMO which incorporated timebanking as a way to promote active, engaged lifestyles for its older members. Funding for the "social" part of social HMOs has since dried up and much of the program has been cut, but at its height, members were able to pay portions of their premiums in time credits (back then called Time Dollars) instead of hard currency. The idea was to encourage older people to become more engaged in their communities while also to ask for help more often and "[foster] dignity by allowing people to contribute services as well as receive them."
In 2004, Dr. Gill Seyfang published a study in the Community Development Journal about the effects of a timebank located in the Gorbals area of Glasgow, Scotland, "an inner-city estate characterized by high levels of deprivation, poverty, unemployment, poor health and low educational attainment." The Gorbals Timebank is run by a local charity with the intent to combat the social ills that face the region. Seyfang concluded that the timebank was effective at "building community capacity" and "promoting social inclusion." She highlights the timebank's success at "[re-stitching] the social fabric of the Gorbals." by "[boosting] engagement in existing projects and activities" in a variety of projects including a community safety network, a library, a healthy living project, and a theatre. She writes that "the timebank had enabled people to access help they otherwise would have had to do without," help which included home repair, gardening, a funeral, and tuition paid in time credits to a continuing education course.
foster women's rights initiatives in Senegal.
facilitate re-entry of for ex-convicts
An astrarium, also called a planetarium, is the mechanical representation of the cyclic nature of astronomical objects in one timepiece. It is an astronomical clock.BPL (time service)
BPL is the call sign of the official long-wave time signal service of the People's Republic of China, operated by the Chinese Academy of Sciences, broadcasting on 100 kHz from CAS's National Time Service Center in Pucheng County, Shaanxi at 34°56′54″N 109°32′34″E, roughly 70 km northeast of Lintong, along with NTSC's short-wave time signal BPM on 2.5, 5.0, 10.0, and 15.0 MHz.
BPL broadcasts LORAN-C compatible format signal from 5:30 to 13:30 UTC, using an 800 kW transmitter covering a radius up to 3000 km.Carpe diem
Carpe diem is a Latin aphorism, usually translated "seize the day", taken from book 1 of the Roman poet Horace's work Odes (23 BC).Chronometry
Chronometry (from Greek χρόνος chronos, "time" and μέτρον metron, "measure") is the science of the measurement of time, or timekeeping. Chronometry applies to electronic devices, while horology refers to mechanical devices.
It should not to be confused with chronology, the science of locating events in time, which often relies upon it.Clock position
A clock position is the relative direction of an object described using the analogy of a 12-hour clock to describe angles and directions. One imagines a clock face lying either upright or flat in front of oneself, and identifies the twelve hour markings with the directions in which they point.
Using this analogy, 12 o'clock means ahead or above, 3 o'clock means to the right, 6 o'clock means behind or below, and 9 o'clock means to the left. The other eight hours refer to directions that are not directly in line with the four cardinal directions.
In aviation, a clock position refers to a horizontal direction; it may be supplemented with the word high or low to describe the vertical direction which is pointed towards your feet. 6 o'clock high means behind and above the horizon, while 12 o'clock low means ahead and below the horizon.Common year
A common year is a calendar year with 365 days, as distinguished from a leap year, which has 366. More generally, a common year is one without intercalation. The Gregorian calendar, (like the earlier Julian calendar), employs both common years and leap years to keep the calendar aligned with the tropical year, which does not contain an exact number of days.
The common year of 365 days has 52 weeks and one day, hence a common year always begins and ends on the same day of the week (for example, January 1 and December 31 fell on a Sunday in 2017) and the year following a common year will start on the subsequent day of the week. In common years, February has four weeks, so March will begin on the same day of the week. November will also begin on this day.
In the Gregorian calendar, 303 of every 400 years are common years. By comparison, in the Julian calendar, 300 out of every 400 years are common years, and in the Revised Julian calendar (used by Greece) 682 out of every 900 years are common years.Complementary currency
A complementary currency is a currency or medium of exchange that is not a national currency, but that is thought of as supplementing or complementing national currencies.:3:2 Complementary currencies are usually not legal tender and their use is based on agreement between the parties exchanging the currency. According to Jérôme Blanc of Laboratoire d'Économie de la Firme et des Institutions, complementary currencies aim to protect, stimulate or orientate the economy.:7 They may also be used to advance particular social, environmental, or political goals.:4When speaking about complementary currencies, a number of overlapping and often interchangeable terms are in use: local or community currencies are complementary currencies used within a locality or other form of community (such as business-based or online communities); regional currencies are similar to local currencies, but are used within a larger geographical region; and sectoral currencies are complementary currencies used within a single economic sector, such as education or health care. Many private currencies are complementary currencies issued by private businesses or organizations. Other terms include alternative currency, auxiliary currency, and microcurrency. Mutual credit is a form of alternative currency, and thus any form of lending that does not go through the banking system can be considered a form of alternative currency. Barters are another type of alternative currency. These are actually exchange systems, which trade only items, without the use of any currency whatsoever. Finally, LETS is a special form of barter that trades points for items. One point stands for one worker-hour of work, and is thus a Time-based currency.Endurantism
Endurantism or endurance theory is a philosophical theory of persistence and identity. According to the endurantist view, material objects are persisting three-dimensional individuals wholly present at every moment of their existence, which goes with an A-theory of time. This conception of an individual as always present is opposed to perdurantism or four dimensionalism, which maintains that an object is a series of temporal parts or stages, requiring a B-theory of time. The use of "endure" and "perdure" to distinguish two ways in which an object can be thought to persist can be traced to David Lewis.Fourth Corner Exchange
Fourth Corner Exchange Inc is a sustainable community currency based in the Pacific Northwest United States, founded in 2002 by Francis Ayley and a group of like minded friends. Fourth Corner Exchange started trading in January 2004, utilizing a basic Time-based currency system which has some features of Local exchange trading systems. There are presently over five-hundred and fifty members in Bellingham, Washington, Port Townsend, Washington, Everett, Washington, Mount Vernon, Washington, and Portland, Oregon. Prospective members must attend a new members meeting in order to join and trade with other members. Meetings are held in Bellingham, Port Townsend, Mount Vernon, Everett, Portland and many other locations.
Fourth Corner Exchange has spread to other parts of the USA, notably Oregon, California, New Mexico, Colorado and Ohio.
The original software used to run Fourth Corner's website has been released under the GNU General Public License (GPL) and is distributed through SourceForge. The Fourth Corner Exchange database program has been significantly modified since this open source release.HD2IOA
HD2IOA is the callsign of a time signal radio station operated by the Navy of Ecuador. The station is located at Guayaquil, Ecuador and transmits in the HF band on 3.81 and 7.6 MHz.The transmission is in AM mode with only the lower sideband (part of the time H3E and the rest H2B/H2D) and consists of 780 Hz tone pulses repeated every ten seconds and voice announcements in Spanish.
While sometimes this station is described as defunct, reception reports of this station on 3.81 MHz appear regularly at the Utility DX Forum.Hexadecimal time
Hexadecimal time is the representation of the time of day as a hexadecimal number in the interval [0,1).
The day is divided into 1016 (1610) hexadecimal hours, each hour into 10016 (25610) hexadecimal minutes, and each minute into 1016 (1610) hexadecimal seconds.Intercalation (timekeeping)
Intercalation or embolism in timekeeping is the insertion of a leap day, week, or month into some calendar years to make the calendar follow the seasons or moon phases. Lunisolar calendars may require intercalations of both days and months.Local currency
In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations. A regional currency is a form of local currency encompassing a larger geographical area. A local currency acts as a complementary currency to a national currency, rather than replacing it, and aims to encourage spending within a local community, especially with locally owned businesses. The currency may not be backed by a national government or be legal tender in the UK. About 300 complementary currencies, including local currencies, are listed in the Complementary Currency Resource Center worldwide database.Minute
The minute is a unit of time or angle. As a unit of time, the minute is most of times equal to 1⁄60 (the first sexagesimal fraction) of an hour, or 60 seconds. In the UTC time standard, a minute on rare occasions has 61 seconds, a consequence of leap seconds (there is a provision to insert a negative leap second, which would result in a 59-second minute, but this has never happened in more than 40 years under this system). As a unit of angle, the minute of arc is equal to 1⁄60 of a degree, or 60 seconds (of arc). Although not an SI unit for either time or angle, the minute is accepted for use with SI units for both. The SI symbols for minute or minutes are min for time measurement, and the prime symbol after a number, e.g. 5′, for angle measurement. The prime is also sometimes used informally to denote minutes of time.Specious present
The specious present is the time duration wherein one's perceptions are considered to be in the present. Time perception studies the sense of time, which differs from other senses since time cannot be directly perceived but must be reconstructed by the brain.Tomorrow (time)
Tomorrow is a temporal construct of the relative future; literally of the day after the current day (today), or figuratively of future periods or times. Tomorrow is usually considered just beyond the present and counter to yesterday. It is important in time perception because it is the first direction the arrow of time takes humans on Earth.UTC offset
The UTC offset is the difference in hours and minutes from Coordinated Universal Time (UTC) for a particular place and date. It is generally shown in the format ±[hh]:[mm], ±[hh][mm], or ±[hh]. So if the time being described is one hour ahead of UTC (such as the time in Berlin during the winter), the UTC offset would be "+01:00", "+0100", or simply "+01".
Every inhabited place in the world has a UTC offset that is a multiple of 15 minutes, and the majority of offsets (as well as all nautical time zones) are measured in whole hours.
UTC is the equivalent to GMT.YVTO
YVTO is the callsign of the official time signal from the Juan Manuel Cagigal Naval Observatory in Caracas, Venezuela. The content of YVTO's signal, which is a continuous 1 kW amplitude modulated carrier wave at 5.000 MHz, is much simpler than that broadcast by some of the other time signal stations around the world, such as WWV.
The methods of time transmission from YVTO are very limited. The broadcast employs no form of digital time code. The time of day is given in Venezuelan Standard Time (VET), and is only sent using Spanish language voice announcements. YVTO also transmits 100 ms-long beeps of 1000 Hz every second, except for thirty seconds past the minute. The top of the minute is marked by a 0.5 second 800 Hz tone.The station previously broadcast on 6,100 MHz but appears to have changed to the current frequency by 1990.Yesterday (time)
Yesterday is a temporal construct of the relative past; literally of the day before the current day (today), or figuratively of earlier periods or times, often but not always within living memory.
|Philosophy of time|
and use of time