Why December 31st is an Odd Length

Just like having the same weights and measures and money, when we all standardize our time with a soon-to-be-added leap second, our transaction costs drop.

Why We Need Leap Seconds

To keep the clock synchronized with the sun, we need to add leap seconds that make our days longer than a precise 24 hours.

Leap Seconds

The earth is supposed to rotate every 24 hours. Sometimes, though, it takes less time and sometimes it takes more. So, to be precise, we depend on atomic clocks. And therein lies the problem.  Increasingly, Solar Time (earth rotation time)…