Saving “the Market” out of Cambridge: “From Here to Eternity”
Here on Earth. For each and every one of us, the time (duration) in Here is limited to 125 years at the longest. As a natural consequence, the time is the most fundamental currency of us who are no macroeconomist. To paraphrase, anything valuable is the “output” of time spent, currently (“product”) or in the past (“asset”), in its creation (T -1 ) by some of us. The market trade is nothing but an exchange of the thing (“M” for mass in dimension denotation) between values (U for utility value in dimension) as appreciated by the two parties. The product in the form of a good or a service must have some value (M ∙ U). The invisible hand would not let a value-free product in the market. There is no place for the so-called “real quantities,” after all. For the sake of convenience in trade across the commonwealth (L -2 L for length)...