Read this passage from Sonnet 106 by Shakespeare. What do the words wasted time mean in the context of the first quatrain?

When in the chronicle of wasted time

I see descriptions of the fairest wights

And beauty making beautiful old rhyme

In praise of ladies dead and lovely knights,

Time spent daydreaming

Time used unwisely

Time killed by evil thoughts

Time gone by

Answer: Time gone by.

Explanation:

Shakespeare's Sonnet 106 is a poem from the Fair Youth sequence, in which the author praises the youth. The meaning of the phrase "wasted time" is, in this context, the time that is spent, that has passed. The poet realizes that, when he explores the descriptions of beautiful people made by other poets in the past, these poets were alluding to the same kind of beauty he sees in contemporary people.