Saving the earth

A friend in the finance industry who probably makes more than 150k annually repairs different stuff as a hobby. He volunteers to help people with repairing household appliances like electric fans, water kettle, and he also learnt how to fix bikes.

He has since fixed a few worn and old rusted bike by derusting them, replacing the broken components. And then he sells off the bike to cover the cost of replacement parts. He doesn’t get paid for his time. Yet he is satisfied because he knows he’s doing his part for the earth.

By market forces, his time would have been worth more and can be more productively spent. But he’s not valuing time the way the market does; and he is certainly not valuing the earth the way our market does. He is using the market to satisfy his needs while trying his best to “save his earth” by his individual efforts.

The market does not automatically align incentives for the best outcomes; and if the government doesn’t have the courage to do it. We have severely limited time left to be valued, if at all.