TimeLETSystems

TimeLETSystems is a mutual credit and exchange systems which combines elements
from both LETSystems and a time bank systems.

To better understand how TimeLETSystems work we need to explain how LETSystems and time banks differ.

Time banks
In a time bank system time is used as the unit of credit and is based
on the principle that "one hour equals one hour".
This means that everyone get one hour credit for one hour of service.

While this principle might provide a feeling of fairness
it also remove the basis for the principle of supply and demand
and therefor goods is rarely traded in a time bank system.

LETSystems

The credit in a LETSystems is normally loosely based on a national currency.
The prices in the system is determent by supply, demand and negotiation.
This allow both goods and service to be exchanged via a LETSystem.

The problem with basing the system on an existing currency
is that a currency is a very abstract notion which
value depend on how much the uses trust it, a problem
which also effects currency based LETSystems.

TimeLETSystems
A TimeLETSystem is LETSystem which use time as the measurement of credit
which is much more concrete than a currency.
In a TimeLETSystem prices is still determent by supply, demand and negotiation
which allow both service and goods to be exchanges.
The price for a service will typical be somewhere between the time the seller
use and the time the buyer saves.

Main Menu

See Also

Main Menu