De Carlos A. Bondone
Everything started due to the dissatisfaction of the current currency theory (also demonstrated by Hayek), situation which led me to carry out a deep research of the subject and to conclude a new currency theory. But, the most important issue was kept till last: the discovery of the Theory of Economic Time (TET), which tells us, among other things, the following:
* The economic time has the following exclusive characteristics: a) indirect materialization: it is the only economic good which has no life in itself; it always materializes in another present economic good and b) permanent fallibility: it is the only good which will always be economic (p>0).
* Interest (i) is the price of economic time and not of money.
* Credit is ?interchanged? economic time, that is why i is also the price of credit.
* When credit is used as currency (situation of Paper Currency-PC), by axiom i = p.
* When PC is used, by axiom i = p > 0 (mathematical expression of the two exclusive characteristics of economic time).
* By axiom, always S ? I which leads us to the theory of permanent imbalance.
* In irregular currency systems the independence of the Central Bank is a utopia.
* Currency is always generated in the market; it never has its origin in the State ? whether money or credit.
"in the light of the TET, the inconsistency of the current (20th century) macroeconomic-currency models and theories is noticed. In other words, the new TET allows us to face the economic science with greater optimism as regards the study of the real world behavior"
Carlos A. Bondone