'Temporal energy' / was Re: Scientific progress...

["Harry Veeder" <eo200@xxxxxxxxxxxxxxxxxxx>]

>>Harry Veeder wrote:
>>
>>I don't think material things are scarce, but I do think Time is scarce.
>>The question is how does money come to embody the scarcity
>>of time. It is a difficult conceptual problem.
>>


>
>bperry responded (off list):
>
>Because, perhaps, it take a person time devoted to work to make money?
>


In the following I will speak of the  economic community's "temporal energy"
(conceptually a dynamic pairing of time and energy) instead of just wage
labour. Wage labour is not the sole supplier of the community's temporal
energy. Instead, I submit informal or "free" labour along with formal
or wage labour provides the economy with productive temporal energy.

Unlike neoclassical labour theory, I hold the supply of temporal energy
is not regulated by the marginal utility of the wage, but by the interplay
of all bank credit and interest. The temperature or relative quantity of
temporal of energy in the community is indicated by changes in the
CB rate.

As you said above, it takes a person time to make money, which means
at the macro level temporal energy is being taken from the community
in exchange for productive output. The supply of temporal energy is
intended to satisfy the demand for labour inputs both of the wage type
and the free type.

Currently many nations as economic communities are not satisfactorily
employed.  However, they are experiencing what I would term a stressed
state, rather than a classical depressed state, i.e. economies are
simultaneously under employed and over employed. This means there is
an under-stated demand for temporal energy input in form of wage labour,
as well as a significant over-stated demand for temporal energy input in
the form of free labour.

Harry Veeder