The Sharing Economy: A bank where time is money

– article by Jen Chien, excerpted from KALW.org

Frieda Kipar Bay is an herbalist. She teaches workshops on growing herbs for medicine. A class like this might normally cost $50-$60, but at a recent workshop at the Homestead Skillshare Festival, at Hayes Valley Farm in San Francisco, students didn’t pay a dime.

The daylong gathering – which included 40 different workshops, food, and live entertainment – was funded with a different kind of currency: hours. These transactions are managed by the Bay Area Community Exchange Time Bank.

“Everybody’s hour is equal,” says Mira Luna, a founder and organizer of the Time Bank. “So, for example, I do an hour of massage for somebody and then I get an hour credit to then get an hour of plumbing from somebody else. If I spend two hours, then I get two hours credit, and so on.”

read more at KALW