University of Texas economist Daniel Hamermesh wanted to find out why wealthier people complained more about their lack of time:
We all live on two things: time and money. And people who have extra income don’t get much, if any, extra time to spend it. As a result, Hamermesh argues, each of their hours seems more valuable, and they feel the clock ticking away more acutely.
Sure, wealthier people can buy back some time by hiring people to do thing for them (e.g. housecleaning, babysitting), but that’s only a marginal recovery of time:
Hamermesh says. “You can’t pay somebody to sleep for you,” he explains. “You can’t pay somebody to read Proust for you. Or go to the opera, or go to the movies, or go to a ballgame.” And that’s where a bit of psychology comes into play.
For a while there I was feeling sorry for myself for not having stacks of cash in the bank. Now I feelsso sorry for the millionaires and billionaires!