Mathematics of the Unmeasurable

It is important to consider quantities that can not be accurately measured if we hope to understand economics. Rates of production like the GDP can be measured numerically, but a single number to measure the life span of the things produced is not available. However, the wealth we have, our stock of goods, is properly calculated by the rate of production multiplied by the life span of the goods produced. High rates of production will result in little wealth on hand if the goods vanish soon after production.

Soon is not a numerical time measure, but it's clear that as their lifespan approaches zero our stock of goods in service also approaches zero. The equation, goods-on-hand = rate-of-production multiplied by the lifespan-of-the-goods-produced, illuminates our situation even though we don't have nice numbers to plug into it.

It is not unscientific to consider that equation. It seems we don't care about the wealth we have so much as we care about rates of profit, job creation, and the "inefficiency" of leaving some resources for the future.

The strange omission of a time to go with the rate seems to reveal a failure to comprehend the most basic principles of economics. "How far did we go?" is not measured by our speed alone.

The omission of subjective factors and unknowable quantities from economic math does not make economics scientific; it makes it blind and destructive.

Extended durability and Inheritance can combine to provide vast wealth without much additional production.

We only have what we haven't consumed. As the lifespan of items we produce falls to zero, the items in service will also fall to zero. With unearned income we could use extended durability and easy maintenance to conserve without fear of "hurting" the economy. Extended durability will allow low rates of resource consumption and low rates of production to provide vast wealth. We should change our goal from consuming as much as possible to having as much as possible.