According to the alternative approach (heterodox) towards economic production th

Question

According to the alternative approach (heterodox) towards economic production the only real scarce factor is time. Money, being a credit/debit relationship, cannot, by definition, be scarce. Nor is capital or resources scarce but reproducible.  This conception is dramatically different from the conventional approach and thus its conclusions are also dramatically different. What are these conclusions?

What does this mean for unemployment, price stability, distribution, growth, etc.? What does it imply about increasing the wellbeing of all US citizens? What can these conclusions tell us about the economic possibilities of today? What do knowledge, technology and positive feedbacks have to do with our current economic possibilities?  If money, capital and resources are not obstacles what kinds of obstacles do we face in improving the material wellbeing for all citizens from this perspective?

Explanation / Answer

According to the alternative approach (heterodox) towards economic production the only real scarce factor is time. Money, being a credit/debit relationship, cannot, by definition, be scarce. Nor is capital or resources scarce but reproducible.  This conception is dramatically different from the conventional approach and thus its conclusions are also dramatically different. What are these conclusions?

I absolutely agree with this view that time is the only scarce factor because of two reasons:

a) Its supply is perfectly inelastic. No matter how much price you are ready to pay, you cannot make one minut eof 80 seconds.

b) It has many or uncountable alternate uses and hence its demand is perfectly elastic.

So, the conlusions are goods and services are scarce because thier production involves time. More time is involved in production fo a good or service, more scarce it it and vice versa.

What does this mean for unemployment, price stability, distribution, growth, etc.?

Unemployment: For unemployment it means that it is utter wastage of most scarce resource. But if we live in real terms, a person may not be economcally employed but may be engaged in many useful things like spending time with the children and developing values in them and thereby adding to scoail welfare of future generations. Such things cannot be measured n terms of money but are of extreme utility.

Price Stability: Prices need to be stable over time so that money ilussion is not created.

Distribution: MOney should be distributed asccording to the time spent on productive activities. those who spend more time on productive activities must be paid a higher amount and vice verca.

Growth; Growth implies development of such techniques whereby lesser time is required in production fo a commodity for example fastest mode of transportation and communication etc.

What does it imply about increasing the wellbeing of all US citizens?

It implies for improving well being fo all US citizens that their time must not get wastd in any ways- waiting in queues; travelling; sleeping excess etc.

What can these conclusions tell us about the economic possibilities of today? What do knowledge, technology and positive feedbacks have to do with our current economic possibilities?  

Focus on reserch and development which leads ot minimization fo time involvement in production and replace machines with human beings so that human beings can concetnrate on more productve ventures like self awareness, inner world reserch, meditation and self actualization

If money, capital and resources are not obstacles what kinds of obstacles do we face in improving the material wellbeing for all citizens from this perspective?

Obstacles are:

Time is scarce and all production needs time. Time spent on production of good A cannot be spent on production of good B. Moreover there are inequalities of income

above all, people have a tendency of wasting time in oversleeping, doing unproductive non meaningful things.

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