Time-based currency

From Wikipedia, the free encyclopedia

For the game on The Price is Right, see Time Is Money (pricing game).

For the hip hop album, see Time Is Money.

The Ithaca Hour is an example of time-based currency.

In economics, a time-based currency is an alternative currency where the unit of exchange is the hour.

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.

1 Time Dollars
- 1.1 Time Dollars Comic Book
2 Time banks
3 The IOU of Lovely
4 See also
5 External links

[edit] Time Dollars

Time Dollars are created via mutual credit: Each transaction is recorded as a corresponding credit and debit in the accounts of the participants. In most adaptations of the Time Dollars system, each participant's time is valued equally, whether she/he is a novice or an extensively trained expert. For that reason, the Time Dollars model works best in very narrowly defined communities (retirement homes, for example), where everyone's time, skill, experience, and effort is regarded as equal. Time Dollars thus recognize and encourage reciprocal community service, resist inflation without encouraging hoarding, and are in sufficient supply, which enables trade and cooperation among participants.

[edit] Time Dollars Comic Book

In 2003, Dr. Edgar S. Cahn, founder of The Time Dollar Institute, and comics creator Patrick Strange aka "The Golden Child" of Temple Far East Entertainment collaborated to produce the comic book, Time Dollars. Time Dollars # 1 featured the story "A History Lesson" written and created by Patrick Strange, illustrated by artists Jerry Gaylord and David Newbold and featured a cover by artist Pop Mhan.

[edit] Time banks

In the United Kingdom the plans are called timebanking, time banks and hour banks. There are reported to be 75 plans running in the UK, with 30 operating in Greater London. They are promoted as a tool in community regeneration.

[edit] The IOU of Lovely

The new country of Lovely set up by Danny Wallace uses this type of currency known as the Interdependent Occupational Unit (IOU). These have been given out by posting on the country's site's message boards. However, no use of these IOUs have been announced.