Almost three years of blogging (as of April 21st), has gradually led me to promote a marketplace for time value, as a work priority. Initially I spoke about time based coordination processes as skills arbitrage. However, skills arbitrage is emblematic of asymmetric compensation in today's workplace. In this capacity, skills arbitrage is externally driven, which affects labor distribution and aggregate output unevenly when time based product is involved.
Whereas time arbitrage for time based product, could provide symmetric means to generate more knowledge based services growth than is presently possible. Instead of externally defining the skills capacity that is sought, time arbitrage would internally develop skills capacity, through locally coordinated settings. Individuals would gain the chance to play a greater role in the definitions of time based product, than is possible in asymmetrically compensated settings.
How do we know time value needs broader economic representation, in formal terms? One of the best indicators by far, is the amount of debt the U.S. citizen now "owes". Even though some believe that 13.9 trillion (nearly $43,000 per person) is nothing to be concerned about, it is. However, the point is not to insist we need "more" debt or "less", as is now occurring. The main reason everyone appears to owe this outrageous figure, is that governments have far more representation in today's economic realities, than most people. And today's political environment appears as though headed off the deep end, since hardly anyone agrees about strategies for long term budget management - regardless of educational level or point of view.
This debt figure also reflects tremendous resource capacity, that extends along a seemingly infinite path which has left aggregate time value far behind. As contrast with finite quantities of time aggregates even in the best economic circumstance, resource aggregates have a natural tendency to continually expand in general equilibrium conditions. What I suggest is generating balance between time value and resource capacity along equilibrium margins (through locally defined asset and services transmission), instead of attempting to impose a static relationship for time value in relation to resource capacity in general equilibrium.
All populations need to remain linked to the formal economy, in terms of both participation and responsibility. Economic life is the most human life that is possible in today's world, and not just in one's prime years. In fiat monetary systems, with a little luck, government borrowing should continue to be a reasonable proposition. Just the same, this form of borrowing could eventually become a fragile and uncertain process, if policy makers remain unconvinced that citizens are vitally important as economic participants. When government monopolizes time based product, the consequences are no less dangerous than the insistence of some on the far right that time based product is not important.
A marketplace for time value is not a straightforward proposition, in that a leap of faith in humanity is also involved. Time aligned local markets would span multiple concepts regarding marketplace structure and knowledge use, some of which would be in variance with current versions. The free markets which could open the door for human potential and aspiration, are not the ones which everyone is actually comfortable with. What, precisely, is our lack of freedom? An insufficient ability to present (as product) one's own time based perspective, for others on economic terms.
One part of the process, would be to overcome the notion of jobs as externally defined manna from heaven - benefits and all. Instead, these groups can create both freedom and opportunity through symmetric mutual employment, for the time based services and social security that are sought in the course of a lifetime. Symmetric time value would also exist as a backup option for new groupings, when other forms of economic access are subjected to pressures that decrease total marketplace output.