Of modernity, house prices and suspending singularity of time

Goyal, Yugank (2020) Of modernity, house prices and suspending singularity of time. Journal of Human Values, 26 (1). pp. 93-106. ISSN 9716858

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Abstract

Why do we buy houses as opposed to renting one? This question, in its simplistic formulation captures, inter alia, some of the most fundamental emotions of temporal values that we impose on ourselves. Yet, the question has attracted little scholarly scrutiny. The article, using this question as a case, attempts to excavate the silences of our imagination of time in the cacophony of modernity. Time has had varying versions of existence in the modern world. When time is singular, it has the same meaning attributed to by everyone in the same community. A pluralistic conception of time is the exact opposite. I use discount rates as a unique entry point to understand how people view their future (time), and thereby a conceptual aperture to see if time is losing its singularity or not. More importantly, how so. I collected data on house prices in India in five major metropolitan cities in India and compared those prices with rental values. The crude estimation is a useful proxy to observe discount rates, and consequently, varying conceptions of time. I show that time has become a homogenized entity for people falling in similar economic class while it has lost its singularity for those within the same social class (community). This gets folded into questions of ethical implications of modernity’s impact on one’s aspirations.

Item Type: Article
Keywords: Philosophy of Time | Price Rent Ratio | Indian Housing Market | Discount Rates
JGU School/Centre: Jindal Global Law School
Depositing User: Amees Mohammad
Date Deposited: 15 Dec 2021 04:54
Last Modified: 27 Mar 2022 14:29
Official URL: http://dx.doi.org/10.1177/0971685819890183
URI: https://pure.jgu.edu.in/id/eprint/195

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