|
By Bruno COLMANT, Ph.D., Member of the Royal Academy of Belgium
For two centuries, we have told the story of capitalism as one of money: banks, corporations, markets, interest rates, debt, and monetary crises. We have come to believe that money is the raw material of the economy. Yet money is not real wealth. It does not feed anyone, heal anyone, or build a house. It is a claim on goods and services and a common language of value.
Behind every good produced, every service rendered, and every fortune accumulated lies a quantity of human time. A baker sells not only bread, but also the hours required to make it. A surgeon mobilizes years of study and practice. A company coordinates the time of thousands of people, while a machine contains the...
|