In economics, a time-based currency is an alternative currency where the unit of exchange is the person-hour. 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. Critics charge that this would lead to fewer doctors or dentists. Other systems, such as Ithaca Hours, let doctors and dentists charge more hours per hour. Early time-based currency exchanges Edgar S. Time Dollars Time Banks Time banking Time banking is a pattern of reciprocal service exchange that uses units of time as currency. Origins and philosophy According to Edgar S. As a philosophy, time banking also known as Time Trade is founded upon five principles, known as Time Banking's Core Values: Ideally, time banking builds community. Dr.
Related: Local sovereignty
• Commons Entrepreneur