Is it possible to reduce the dependency factor, of non tradable sector knowledge use? Should we adopt means to utilize knowledge more directly, much of the time based product which now represents budgetary burdens, could instead contribute to growth, and ultimately reduce economic stagnation. By allowing diverse skills and knowledge to function as points of economic origination, service sectors could eventually become more purposeful, and less dependent on the equilibrium limits that have resulted from wealth capture.
Why might time arbitrage hold such promise? Local reciprocity for the use of knowledge, could build new dimensions for personal and group challenges. One could also describe this process as building new productive agglomeration beyond today's equilibrium limits. Among the many reasons to create productive agglomeration for lower income levels, are the real estate costs of closed access areas, where much of today's most important core employment is now centered.
What might be some of the benefits of such a system?
1) Time arbitrage could serve as a market stabilizer, to reduce a growing imbalance between primary and secondary market activity. Economic stability is important not just in terms of monetary policy, but also for governments, citizens and markets - all of which are fragile due to debt which has substituted for more effective means of resource use. Presently, there are no other long term approaches to address extensive government debt that I am aware of, and I believe that the only solutions to do so involve structural real economy changes, rather than further tweaks in taxation or financial structure.
2) Knowledge use systems could move productive agglomeration beyond today's core and peripheral employment realities. Even though general equilibrium is mostly designed to meet the income expectations of core employment, productive agglomeration is possible in defined forms of equilibrium, which would more closely reflect the limited monetary resources that are the reality of many citizens. In particular, additional productive agglomeration would expand total equilibrium potential beyond its present constraints, given economic stagnation.
3) Equal time value as a point of individual to group coordination, can preserve individual autonomy. On the other hand, inflexible divisions and valuations of labour or skill, sometimes lead to less personal autonomy for individuals and groups alike, especially since unnecessary skills differentiation can mean permanent class divisions. When time preferences are given reasonable priority alongside skill use preferences, mutual employment results in better time management for all concerned, in ways not always possible, otherwise.
4) Giving a green light to knowledge use as part of time based wealth, would mean a more diverse, integrated and inclusive economy. When time value and knowledge are tapped as a prior point of economic activity, more ideas and challenges become possible, than what might otherwise be funded when the use of knowledge remains dependent on other sources of revenue as a starting point. This form of organizational capacity would also - finally - be able to make good use of today's vast digital realm, for both the experiential and practical applications of knowledge .