Currency Based on Time Standard

TL;DR

This paper proposes a new currency standard called Monetary Minute, based on the total economic time capacity of a year, linking currency value to GDP and population for different economies.

Contribution

It introduces a novel time-based currency standard, the Monetary Minute, and details how its value is derived from economic time capacity and GDP across economies.

Findings

Monetary Minute value is proportional to GDP per capita.

The currency standard reflects aggregate productivity of economies.

Method for calculating Monetary Minutes based on population and GDP.

Abstract

The Total Economic Time Capacity of a Year 525600 minutes is postulated as a time standard for a new Monetary Minute currency in this evaluation study. Consequently, the Monetary Minute MonMin is defined as a 1/525600 part of the Total Economic Time Capacity of a Year. The Value CMonMin of the Monetary Minute MonMin is equal to a 1/525600 part of the GDP, p.c., expressed in a specific state currency C. There is described how the Monetary Minutes MonMin are determined, and how their values CMonMin are calculated based on the GDP and all the population in specific economies. The Monetary Minutes trace different aggregate productivity, i.e. exploitation of the total time capacity of a year for generating of the GDP in economies of different states.