Authors : Tomas Kala
Abstract: The evaluation study is focused on the function of money in management of economic and business processes. We have postulated a daily or yearly time potential of a state as a commodity for its time-based money system. Namely, we have defined a new currency, called a "TBM" (for a Time-Based Money) as a value of the GDP per capita of a specific state divided by the number of minutes per year (525600). We have calculated TBM values for the USA and for the Czech economies in Span of 2011-2015 years. We have found that the TBM is an appropriate tool for comparison of economic performances of individual states and also for evaluating a quality of monetary policy of states and for checking a quality of fulfilling specific tasks by central bank authorities-like the Board of Governors and the Federal Open Market Committee in the USA or the Board of Governors of the Czech National Bank while implementing the monetary policy.
Tomas Kala , 2019. Time-Based Money System. The Social Sciences, 14: 388-391.