From Cambridge to Eternity: “Economy Means Time-saving”

 

The rest of us would not deny that there is no substantive difference between Crusoe’s life in Island and our life in Here. See, we told you so: Time is currency!

            To begin, let us get some names correct. Efficiency: doing something, good or bad, at the lowest cost possible. Productivity: the output in physical, or “real” in macroeconomics, quantity per input of labor-hour. Effectiveness: doing the right thing. Righteousness: conduciveness to obtaining the end of supposition. The end of production: consumption (to Adam Smith). Division of labor at the factory: the more efficient way of production (ditto). The end of trade after industrial division of labor: a better alternative to proprietary productions (to David Ricardo).  

            Economy: ① efficiency in conjunction with consuming utilities as wanted, or needed and desired; ② (the -) the highest aggregate domestic welfare, or utilities after costs as measured in the public currency unit. Domestic: all across the commonwealth as opposed to the private residence.

 

Home. Life is literally similar to Robinson Crusoe’s. Just as much similar, the time is currency.

At the Firm. The two keys to success are the quantity from the factory and value proposition as to be revealed in the market. Both quantity and value regard a good or a service ready for consumption.

            The quantity of output depends on the productivity and the length of time at production. The productivity in turn comes from the human and physical assets per laborer. Now, the quality of the asset is to be determined by working time in its construction and creativity of laborers involved in the construction process.

In the Market. The demand curve reveals the communal utility in the sovereign monetary unit per defined product. The supply curve represents the communal baseline of value proposition again in the sovereign unit. (Note: intermediate goods and the supply chain before retailing are out of question in the market, as opposed to some “research findings.”)

The Market Price. This is consumption utilities and production costs crystalized in one. Utilities are personal and private. Creativities are personal and private as well. On the contrary, the monetary unit is sovereign and public. The time is providential and universal.

Economy. Generally saying, we shall save time in creation of utilities. After all, economy equals “economizing on time.” On the sidewalk, the household, the community, division of labor, trade, the market, the commonwealth, the body politic and the sovereign currency are all for the sake of convenience.

 

Macroeconomics. Where is the time? Nowhere. When is economy? Eternally or never.