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 hi...