From Cambridge to Eternity: “Praying for World Peace”

 

The first virtue in life is efficiency, or utility per hour (M∙U∙T^-1). The second is fertility, or reproduction of the utile-for-limited-time. As a consequence, wasting time in general and concerning about the futile in particular become the first two vices of all. Depending upon the school of economic thoughts, incidentally, “the moment” or “the extraterrestrial” may or may not be a concern.

            In economics, we call as good the kind of utility visible while as service the other kind of utility invisible. Alas, some intellectual macroeconomists, honestly or otherwise, miss so many intangible things of utility; on the flipside, others try to build and explain infertile models.

How Utile to Whom? Philosophy of life is personal. First, the degree of caring for the present vs. the future is a matter of individual choice. In other words, the “time value of money” varies across people and changes over time of the same individual. Second, likewise is the choice, in or out of the market, of a particular utility over all the others.

A Catchword. Thou shalt not take “the market” of a particular product for the stage of life in general.

“Fallacy of Composition” (to Paul Samuelson). Thou shalt not one-dimensionally take “the market” for the economy.

A Rule of Thumb. The GDP statics is everywhere except for in the quality of life.

 

The First Service of All. For each and for all, it is the “sleep.” May it not be called “indolence” (of Thomas Malthus)! May it not be dubbed as “leisure” (of the “consumer choice” theorists and many macroeconomists)! 

The Second Service. For each and for all, it is the “rest” (not in peace, though). Only regret: Services are mostly for the present, at least “nominally.”

The First Currency. It’s the time, smart! Thou shalt not waste thy time.

The Second Currency. It’s the “medium of exchange,” stupid. Thou shalt not prefer “the medium” to anything else, as far as the former is popularly current in the market and as long as thou can avoid “liquidity preference.” The medium is utile only when liquid and subsequently flowing away.

Two Eastern Sayings. There is a current saying, “My affair is romantic while yours is adulterous.” An application: My trip to Yellowstone is “leisure” as a type of service, while yours is leisure in the meaning of “indolence.” Another: Turning out afterwards to be wrong, I made a mistake while you are intellectually dishonest.

             There is an old yet popular saying, “When you have nothing to do, just pray for your family or the peace on Earth.” Do not idle your time away.

             Application: It’s time to say goodbye to such extraterrestrial words as “indolence” or “leisure.”

No Wasting of Tine in Western Style. Thou shalt not try anything off or beyond the limit. Application 1: Refrain from trying to solve; 3 meters (of the moment) +5 seconds (over the time) = ? and the like, practically ubiquitous in macroeconomics. Application 2: Don’t even think about anything “secular” While We Were Sleeping in Here.