Nature of Competition: The Unit of Account
In economics, the term “unit” has two uses. The one is the name used in the accounting, such as the dollar sign ($) as opposed to the euro sign ( € ), or the yardage as opposed to the meterage. The other is the marginal unit (M for mass) used in the decision making, such as the one-dollar bill (U ∙ m) as opposed to the one-euro bill, the one physical yard (L as a type of M) in race as opposed to the one meter. Probably we would be better-off if we vary the first “unit” to “metric.” For instance, the dollar sign is the metric of account and the one-dollar is the unit as such. At the household. The metric of account is the hour, or hora in Latin. The marginal unit is hora as well. Our end @home is always and everywhere the utility , outright or removing a disutility; while the currency as fundamental means is the hour . So, the home economy is accounted for in terms of M ∙ U ∙ T -1 ; M is always real, U real but situational and private, and T real but continuous an...