- Education and Science
What are the potential benefits of a new and fresh time based economy?
A time based economy would affect every community, for the better. Not only does it solve the current monetary inequity problem, it forestalls the sense of worthlessness currently far too abundant in the world today. Each person has worth. In every community that a time based economy has been implemented it has fostered camaraderie, harmony among age, racial, and religious groups. It creates a sense of financial independence and harmony among all income levels, even overcoming political adversity. It turns the improbable into the possible. The benefits are boundless, and tangible.
It has been said that one would have to go back to the Great Depression to find a similar dire drop in the U.S. Economy. And, as has been proven, the world's economy follows that of the U.S. We have an opportunity, across the world, to advance the human race with a time based economy.
After much research, it was found that people let money define what was considered possible. There is a standing belief that without it, nothing is possible, and money is in short supply, while the need for it grows exponentially. It is a system doomed to fail. Even as others try to create alternative currencies, the current monetary inequities stand.
A larger and larger portion of the world's population is aging, disabled, or both. Often these people are considered a burden and they fight an overwhelming sense of uselessness. When they are perfectly capable of contributing to their community. Perhaps not in a monetary sense, but with time, experience, knowledge and skill. All people are rich in experience, and all people are gifted with 24 hours in a day. In this manner timebanking can fill the uncounted necessities that people have been found to be lacking in the economy as it stands.
If one listens to the stories of our elders, those raised or functioning within the time of the Great Depression we see people helping people. Those that were unable to work in traditional jobs still fulfilled a necessary function within the community. Mending clothing, looking after the younger children, maintaining homes, grocery shopping, all for others. Every person in the community was vital to that communities survival. Timebanking is simply the continuation of this essential support economy.
Moving from a money based economy to a time based economy is an innovation that will propel our species forward. It is a fair economy designed to allow everyone to flourish. So far, timebanking has grown steadily in the shadows. Small groups that are filling in the gaps of necessity with the sustainability of timebanking. Proving time and again that what is possible is not limited by monetary greatness. The greatest “drain” on the economy becomes the greatest producers.
Unlike the current economy, there is no equivalency deficit with timebanking. Each person accrues one hour for one hour. In this way equalizing the economy. Those hours can then be saved or exchanged for services that are needed. Timebanking is an evolving market enabling everyone to be productive. Counting on those that society sometimes calls a burden to fill the needs otherwise left wanting.