> Work is not perfectly elastic but time is still by and large tradeable for money.

Specific results are tradeable for money. I get paid far too much for what I do most of the time, with small windows of specialized action that justifies the waste. It's sloth and inefficacy (due to an inability to measure efficacy) that makes it look like time for money, when it's largely an accounting trick that is more like a payment schedule than a time-for-money.