What is the difference between spending and wasting time?

Psychologists call this the “narcotizing dysfunction,” when people come to mistake the busyness of the media with real knowledge, and confuse spending time consuming that with doing something.

--Ryan Holiday

What is the difference between spending and wasting time?

"To spend time is to pass it in a specified manner," he said. "We are spending it during lessons just as we are spending it now in conversation. To waste time is to expend it thoughtlessly or carelessly. We all have time to either spend or waste and it is our decision what to do with it. But once passed, it is gone forever." "It's the most precious commodity we have," agreed Sterling. "I always view my time as divided into infinite moments or transactions or contacts. Anyone who steals my time is stealing my life because they are taking my existence from me. As I get older, I realize that time is the only thing I have left. So when someone comes to me with a project, I estimate the time it will take me to do it and then I ask myself, 'Do I want to spend weeks or months of what little time I have on this project? Is it worth it or am I just wasting my time?' If I consider the project time-worthy I do it. I apply the same yardstick to social relations. I will not permit people to steal my time. I have limited my friends to those people with whom time passes happily. There are moments in my life - necessary moment - when I don't do anything but what is my choice. The choice of how I spend my time is mine, and it is not dictated by social convention."

--unknown source