As we discussed in the earlier blog posts about surplus, our primary responsibility is is to use some of our limited time, energy, resources and funds (TERF) to take care of ourselves and fulfill any commitments and obligations that we have taken on. The balance of our disposable TERF is our surplus. Not only is that true for us as individuals and for households, it holds true for any aggregation of them and for the society as a whole as well. The groups of individuals to which the concept of surplus applies include: families, extended families, teams, tribes, communities, villages, churches, clubs, firms, organizations, towns, the district, states, nations, international organizations and the world’s population.
Just as with individuals, first and foremost, the group must produce or have enough goods and services available to sustain itself over time. The decision of how to use the balance of their surplus is not only the aggregate decision of the single individuals and households, it also depends on the aggregate decisions of the group.
Regardless of how a decision is arrived at, a group decision on what projects to undertake and how to use their surplus is effectively a joint decision. Furthermore, in order to transform any idea into a reality, collective, coordinated, collaborative action is required. Depending on the size of the project, it can take a considerable amount of the limited TERF, and sometime years, decades or even longer to make it happen. Continue reading “Surplus: Collective Decisions”
Perspectives of a 93-Year-Old Economist 