For individuals, economists typically identify MONEY and TIME as the two key sources of scarcity. When it comes to our standard of living, we typically focus on money in particular. Our utility is limited by our budget of income. In the movie In Time, there is no money. Time is the only currency and the only source of scarcity that exists in this world. Discuss the effects of this alternate world on both the Microeconomy and the Macroeconomy. On the Microeconomic part, be sure to consider individual incentives, rationality, and choices. On the Macroeconomic part, be sure to consider the role of the governmental policies as well as "income" inequality and distribution. If it is helpful, feel free to make comparisons to other movies we have watched in this class where appropriate.

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In the movie In Time where time is the only currency and source of scarcity the effects on both the microeconomy and the macroeconomy are profound and ... View the full answer