An economy is where we humans exchange / trade our time on the planet for our needs and wants.
Our time on the planet is a resource that holds intrinsic value due to our inherent humanness and extrinsic value through our acknowledged reputation, experience, skills, certification, etc.
When we apply intrinsic and extrinsic value to our time, the ensuing time units become a currency we can exchange / trade for our needs and wants.
It would be sufficient if our time currency functioned solely as a medium of exchange, but it represents multiple levels of value far beyond that:
- unit of life practices on the planet
- investment in future practices
- repayment of debt for past practices
The most efficient economic system would allow the direct exchange of time units for wants and needs. Unfortunately, the prevailing system doesn’t work that way. And the currency conversion difficulties that result lead to increased disparity and disunity.