From living in NJYC metro, I phrased 'time is money' as:
Money is a measure of time applied to a good or service.

Thus, if it takes a baker an hour to bake a loaf of bread and a plumber an hour to fix a sink, this would be equivalent pay. Of course there are other things to consider, such as, quality. But, to remove time out of the money equation is just ludicrous.