Friday, September 9, 2016

Protectionism, vs the Protection of an Economic Contract

Is it possible, for any form of protection to be considered "pro market", rather than pro business? Context matters. Where it is possible to provide protection for total market support, overall output of time based services product could also become better aligned with actual participation.

While the international dimension of protectionism gets the most attention, there's plenty of domestic versions as well. In the latter, certain businesses - and by extension, individuals - may be protected at the expense of others. Unfortunately, it's not easy to maintain a pro market framework in every circumstance. This is one reason I've suggested an equilibrium corporate structure which - while small - could encourage pro market settings which are also capable of decentralized duplication.

Instead of protecting specific markets or special interests on pro business terms, we could organize to protect time value as the scarce resource it actually represents in the marketplace. Even though skills capacity is important, allowing time value to hold equal importance to skills capacity, would make it simpler to fully integrate automation without further disrupting marketplace participation. Aggregate time value in these settings can be thought of as an apple harvest, in which the fruits with blemishes are also traded alongside other apples on a regular basis.

A marketplace for time value would exist as an economic social contract. Each participant would have the economic right to take part in both local consumption and production, by means of an understandable local framework. While human rights have been internationally stressed since the 20th century, what is missing in a 21st century context, is a right to produce goods and services which does not interfere with the right of others to do the same.

Many individual production rights declined in the 20th century, especially as governments came to define the terms of time based product. Unfortunately, institutions are are not well positioned to provide time based product via centralized means, since this process limits the supply of time based product in aggregate so as to meet budget expectations. In turn, "exclusive" supply invariably means revenue limits as well, for all concerned. Yet when governments attempt to tax information technology to make up for revenue limits, the process can be likened to burning down one's own house, just to stay warm. Human capital - unlike tradable sector product - becomes viable for time based production, consumption, wealth creation and redistribution, when it is mutually accounted for in actual terms of exchange.

The Universal Declaration of Human Rights was conceived in an era, when some believed that broad prosperity would eventually make it unnecessary for populations to maintain full employment and individual economic participation. Otherwise, the importance of the right to produce might not have been lost to the degree that has actually occurred. Few things are more important than one's personal ability to remain economically viable through the course of a lifetime. If we are to overcome the dangers of today's renewed protectionism, one means is to protect the value of time, as a primary point of economic stability.

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