Worthiness of time
Some people’s time is worth more than others’ because someone may have spent 10.000 hours of their own time into a craft. That’s why the art of excellent painters can be very expensive. There is a great story about Pablo Picasso in the 1984 book “What They Don’t Teach You at Harvard Business School” by Mark H. McCormack. And I think most people have seen the story somewhere already:
It always reminds me of the story about the woman who approached Picasso in a restaurant, asked him to scribble something on a napkin, and said she would be happy to pay whatever he felt it was worth. Picasso complied and then said, “That will be $10,000.”
“But you did that in thirty seconds,” the astonished woman replied.
“No,” Picasso said. “It has taken me forty years to do that.”
However, if you ask Picasso to do a surgery, his time will be worthless. Therefore it depends on what activity will be done during the time.
You can implement this in your own life as well. To get better at something, you have to spend time on this. As a consequence, your time will be more valuable.
“Why is this restaurant so expensive?” Well, that’s because the cook has 30 years of experience, so do the waiters. The food is fresh from local farmers, who have been slowly improving their crops over the years. The architecture is designed by masters and the furniture is handmade by top craftsmen. All this spend time combined is super valuable.