Biological time can be measured in two ways: in generations and in physical time. When generation intervals differ between individuals, these two clocks diverge, which impedes our ability to relate mathematical models to real populations. In this paper we show that nevertheless, these disparate clocks become equivalent in the long run via a simple identity relating generational and physical time. This equivalence allows us to directly translate statements from mathematical models to the physical world and vice versa. As an application, we obtain a generalized Euler-Lotka equation linking the basic reproduction number $R_0$ to the growth rate, and derive several information-theoretic bounds on these quantities. We also show how the fitness of a lineage can be defined consistently in population models, with applications to microbial growth, epidemiology and population biology.