Time-based currency

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. Early time-based currency exchanges[edit] Edgar S. Time Dollars[edit] Time Banks[edit] Time banking[edit] Time banking is a pattern of reciprocal service exchange that uses units of time as currency. Origins and philosophy[edit] According to Edgar S. As a philosophy, time banking also known as Time Trade[33] is founded upon five principles, known as Time Banking's Core Values:[34] Everyone is an assetSome work is beyond a monetary priceReciprocity in helpingSocial networks are necessaryA respect for all human beings Ideally, time banking builds community. Time banking and the time bank[edit] Dr.

| Timebanking UK Hour Exchange Portland - Maine community service time bank Time banking Time banking is a pattern of reciprocal service exchange that uses units of time as currency. It is an example of a complementary monetary system. A time bank, also known as a service exchange, is a community that practices time banking. The unit of currency, always valued at an hour's worth of any person's labor, used by these groups has various names, but is generally known as a time dollar in the USA and a time credit in the UK. Time banking is primarily used to provide incentives and rewards for work such as mentoring children, caring for the elderly, being neighborly—work usually done on a volunteer basis—which a pure market system devalues. Origins and philosophy[edit] According to Edgar S. As a philosophy, time banking also known as Time Trade[11] is founded upon five principles, known as Time Banking's Core Values:[12] Everyone is an assetSome work is beyond a monetary priceReciprocity in helpingSocial networks are necessaryA respect for all human beings The time dollar[edit] Dr.