Posted by: xeper | April 9, 2008

Chronomics

How I like to view economics is as follows: I theorize that there is real, inherent, value of goods and services, a value that, though subject to increase and decrease, still is less volatile than its price. Economics call this value utility. I think about it more on the lines of it being a “chronic value”; both because it is longer lasting than price, but because I think it is more time-related than satisfaction-related, as is suggested by the term “utility”. Specifically, I think it can be measured by the time one would spend to get the commodity for free.

This is different from the utility approach at least because it is, at least theoretically, more easily measurable than utility and while it would differ greatly from person to person.

I would say that the factors of production are not land, labor, and capital, but rather enterprise and time. Come to think about it, wouldn’t time give land, labor, and capital to a knowing entrepreneur?

Think well about it
Your only resource
And that of everybody else’s
Is time
The value of anything
Depends on how much time you’d spend to get it otherwise
The price of anything
Depends on how much time those who want it would spend to obtain it through others or from somewhere else

I guess this could start a good conceptual exploration.

What do you think? Share your thoughts in comments.

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Responses

  1. I admire the concept of utility.
    In fact, I think time and space could be the ONLY common denominators to any value equation (mind you they can be exchanged for one another in a fixed way, so you could argue they’re one thing)

    Therefore: anything is meaurable on a dimension of where and when.

    Fascinating!! this can be a blog on its own sir!

  2. I am happy you liked this entry Mary though it still only musings.. it is interesting how you link time and space together.. I have another post just about that but I still need a name for it.. a name to describe it well.. I am taking my time.. for a name, as you know, is a very serious thing.. *smiling wink*


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