(FB 1552006673 Timestamp)
INTEREST AND TIME
Consumption vs Production
- Production REQUIRES interest to calculate time.
- Consumption does NOT REQUIRE interest to calculate time.
- Time has already been calculated.
- It was either a good calculation or a bad one.
This is one of those things I unconsciously assume is obvious because I already convert all economic and financial statements into statements of time.
But Michael reminds me tonight that it isn’t obvious.
I suppose I’ve convinced everyone who wasn’t thinking in terms of property to do so but I have clearly failed to convince everyone to convert property into time, because it is time that we create and purchase all property with and we make time by saving time by cooperation in a division of labor.
I mean, that’s what productivity means: measurable returns on time.