Time plays a crucial role in every human action, as it is experienced within every act. The timeline of an action is divided into five parts: the period before the action starts, the moment the action begins, the period of production, the moment when the action stops, and the period after the action.
The production period is further divided into working time and maturing time. Working time is the period during which labor energy is expended, while maturing time is a waiting time required without direct labor exposure.
The actor's memory of past actions and their results guides decision-making in the present. Successful applications of means to achieve ends are positively remembered and attempted again, while strategies and means that led to failure are noted for their disutility.
Every act also presupposes the imagination of future scenarios, with consideration of how the actor can causally influence them. Due to human imagination and the endless possibilities of the future, the future is uncertain. Once an action is done, it is irreversible, and time has passed irreversibly. There is no turning back time to choose a different action, nor is it possible to see the actual results of potential actions by traveling forward in time. This makes choices permanent, both the good and the bad ones. Therefore, time is a crucial component of the opportunity cost of action.
Moreover, each individual has a strictly limited supply of time in their life, from birth to death. The number of actions an individual can take is limited. The number of anticipated future actions is thus decreasing with every passing moment of life. This realization highlights the importance of making the most of the limited time available, and therefore the necessity of making sound economic decisions.
[[Time Preference]] [[Choice]] [[The Human Axioms]] [[Uneasiness]] [[Scarcity]]