Python includes a profiler called cProfile. It not only gives the total running time, but also times each function separately, and tells you how many times each function was called, making it easy to determine where you should make optimizations.
You can call it from within your code, or from the interpreter, like this:
import cProfile
cProfile.run('foo()')
Even more usefully, you can invoke the cProfile when running a script:
python -m cProfile myscript.py
And I get this:
1007 function calls in 0.061 CPU seconds
Ordered by: standard name
ncalls tottime percall cumtime percall filename:lineno(function)
1 0.000 0.000 0.061 0.061 <string>:1(<module>)
1000 0.051 0.000 0.051 0.000 myscript.py:2(<lambda>)
1 0.005 0.005 0.061 0.061 myscript.py:2(<module>)
1 0.000 0.000 0.061 0.061 {execfile}
1 0.002 0.002 0.053 0.053 {map}
1 0.000 0.000 0.000 0.000 {method 'disable' of '_lsprof.Profiler objects}
1 0.000 0.000 0.000 0.000 {range}
1 0.003 0.003 0.003 0.003 {sum}