Normally, much of the economic activity in non tradable sectors follows that of tradable sectors - a factor which contributes to recent mercantilist arguments. However, the real problem in this regard is that fiscal activity has appropriated too many aspects of non tradable sector activity, in relation to potential tradable sector wealth aggregates. While some of today's fiscal troubles stem from excessive commitments in terms of ongoing redistribution, the bigger problem is that governments seek further revenue from areas that have already been government defined - hence already reliant on redistribution flow!
Non tradable sector activity needs to become a point of economic origin, in order for governments to escape the trap of excessive reliance on existing wealth for their commitments. With the help of a new form of corporate structure, it would become possible to initiate non tradable activity on terms that are not fiscal in nature. By compensating time based coordination as commodity wealth, long term growth can slowly - but surely - overcome the monetary and fiscal impasse which leaves monetary policy too close to the zero bound.
Thus far, few have directly addressed the fact that too much non tradable sector wealth is derivative of tradable sector activity and asset formation. Consequently, some now pine after the previous prosperity that tradable sectors provided, before technology meant fewer workers were needed in these areas.
What is missing in protectionist arguments is the fact that more tradable sector income now exists as international monetary flows, than the tradable sector income that would remain, should nations resort to mercantilist "solutions". Indeed, more money is readily available for government redistribution needs (with today's available international tradable sector flows) than would be the case if developed economies were to resort to nationalism.
Without non tradable sector formation as a point of economic origin, economic stability is possible. However, many regions would remain in a holding pattern of "waiting" for more individuals to permanently exit the marketplace. While this strategy is feasible, it is not desirable. Plus, this rationale ignores the fact that insufficient marketplace representation is still a problem for millions in developed and developing nations alike.
The time value which exists for individuals in relation to one another, is the great untapped resource potential of our time. Just as yesterday's institutions generated sufficient design for economic freedom in the past, tomorrow's institutions - given the chance - could do the same. Best, time value is the primary alignment for other forms of resource capacity as a whole. Even though this alignment has been partially forgotten in the present, with a little luck, it will be remembered, soon.