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Review
economicagentsintheshortterm.Conversely,ifastablepricelevelpersists,theinterestratealsobecomesstabilized
by lowering inflation expectations. This lowers the borrowing cost of the company, enabling long-term investment.
However, when high inflation is expected, it causes economic distortion by focusing resources on avoiding inflation
riskratherthanfocusingonproductionactivities.
SocietyWhereInflationLeadstoDeath
Will’s mother suddenly dies on the street because she is not able
to afford the bus fare. In an economic situation that requires the
consumption of limited goods, inflation is inevitable. Even in the
future, where productivity and efficiency are highly increased due to
the development of science and technology, prices are inevitably set
according to the principle of supply and demand. As a consequence,
the price naturally rises when demand is greater than supply. Basically,
inflationmeansadecreaseinthevalueofmoney.Thismeansthatwhen
the price of money rises, the value of money decreases. Thus, people
willmakemoremoneybythedepreciationofthecurrency.
ⓒCapital
Is there any way to prevent Will’s mother’s death? What if there was a central bank that governed time? The
prevention of such from happening would have been possible if there had been a central bank with a supernatural
ability to mobilize the issuance and controllability of time to slow or to speed up the flow of time. If the Central
TimeBank,concernedaboutinflation,decidestolowerthestandardtimefrom60secondsperminuteto30seconds,
the value of hours per minute could be twice as high as before. This is similar to the effect of raising the base
interestrateintherealworld.Ifthishappens,people’sconsumptionwillbegreatlyreduced,andtheywilltrytolive
according to what they have rather than borrowing time. If the Central Time Bank had taken a preemptive policy
of time tightening, it would have been possible to change the consumption activities of the characters in the movie,
ultimatelypreventingthesuddenriseinprices.
ScarcityandDepletionofResources
Willisadaylaborer,workinginafactoryandusinghistimetomakealiving.InWill’sworld,whereeveninflation
isserious,coffee,whichwasthreeminutesuntilyesterday,risestofourminutesinonlyoneday.Thebusfare,which
usedtobeonehour,suddenlyincreasestotwohours.Infact,inflationinthemovie“InTime”isaconspiracyplotted
bytherich.Asthepopulationgrows,resourcesbecomeevenmorescarce,makingitdifficultfortherichtolivelonger
regardlessoftheirbiologicalclocks.Thentheyartificiallycauseinflationandshortenthelifespanofordinarypeople.
ThispartisinlinewithThomasRobertMalthus’stheoryofpopulationorthereport“LimitstoGrowth”published
in 1972 by the Club of Rome,* which predicted resource depletion, in that it insists on the realization of zero
growth.* Malthus put forth the gloomy prospect that food growth would not keep pace with population growth,
leading to human poverty and famine. Fortunately, his prediction was wrong. The depletion of resources is not
expected to come as quickly as initially thought, thanks to improved productivity, efficient use of scarce resources,
andthedevelopmentofalternativeenergysources.
*Club of Rome: At the suggestion of Italian industrialist Aurelio Peccei in 1968, European managers, scientists, and educators, who had a sense of the
problem of the finiteness of the earth, gathered in Rome. These conference members founded this non-profit research institute meeting for the purpose of
seeking,warning,andadvisingothersonhowtoovercomethecriseshumansconfront.
*Zerogrowth:aconditionofdemographicbalancewherethehumanpopulationneithergrowsnordeclines
39
SEPTEMBER 2022
economicagentsintheshortterm.Conversely,ifastablepricelevelpersists,theinterestratealsobecomesstabilized
by lowering inflation expectations. This lowers the borrowing cost of the company, enabling long-term investment.
However, when high inflation is expected, it causes economic distortion by focusing resources on avoiding inflation
riskratherthanfocusingonproductionactivities.
SocietyWhereInflationLeadstoDeath
Will’s mother suddenly dies on the street because she is not able
to afford the bus fare. In an economic situation that requires the
consumption of limited goods, inflation is inevitable. Even in the
future, where productivity and efficiency are highly increased due to
the development of science and technology, prices are inevitably set
according to the principle of supply and demand. As a consequence,
the price naturally rises when demand is greater than supply. Basically,
inflationmeansadecreaseinthevalueofmoney.Thismeansthatwhen
the price of money rises, the value of money decreases. Thus, people
willmakemoremoneybythedepreciationofthecurrency.
ⓒCapital
Is there any way to prevent Will’s mother’s death? What if there was a central bank that governed time? The
prevention of such from happening would have been possible if there had been a central bank with a supernatural
ability to mobilize the issuance and controllability of time to slow or to speed up the flow of time. If the Central
TimeBank,concernedaboutinflation,decidestolowerthestandardtimefrom60secondsperminuteto30seconds,
the value of hours per minute could be twice as high as before. This is similar to the effect of raising the base
interestrateintherealworld.Ifthishappens,people’sconsumptionwillbegreatlyreduced,andtheywilltrytolive
according to what they have rather than borrowing time. If the Central Time Bank had taken a preemptive policy
of time tightening, it would have been possible to change the consumption activities of the characters in the movie,
ultimatelypreventingthesuddenriseinprices.
ScarcityandDepletionofResources
Willisadaylaborer,workinginafactoryandusinghistimetomakealiving.InWill’sworld,whereeveninflation
isserious,coffee,whichwasthreeminutesuntilyesterday,risestofourminutesinonlyoneday.Thebusfare,which
usedtobeonehour,suddenlyincreasestotwohours.Infact,inflationinthemovie“InTime”isaconspiracyplotted
bytherich.Asthepopulationgrows,resourcesbecomeevenmorescarce,makingitdifficultfortherichtolivelonger
regardlessoftheirbiologicalclocks.Thentheyartificiallycauseinflationandshortenthelifespanofordinarypeople.
ThispartisinlinewithThomasRobertMalthus’stheoryofpopulationorthereport“LimitstoGrowth”published
in 1972 by the Club of Rome,* which predicted resource depletion, in that it insists on the realization of zero
growth.* Malthus put forth the gloomy prospect that food growth would not keep pace with population growth,
leading to human poverty and famine. Fortunately, his prediction was wrong. The depletion of resources is not
expected to come as quickly as initially thought, thanks to improved productivity, efficient use of scarce resources,
andthedevelopmentofalternativeenergysources.
*Club of Rome: At the suggestion of Italian industrialist Aurelio Peccei in 1968, European managers, scientists, and educators, who had a sense of the
problem of the finiteness of the earth, gathered in Rome. These conference members founded this non-profit research institute meeting for the purpose of
seeking,warning,andadvisingothersonhowtoovercomethecriseshumansconfront.
*Zerogrowth:aconditionofdemographicbalancewherethehumanpopulationneithergrowsnordeclines
39
SEPTEMBER 2022
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