We are so used to linear time, that thinking of events as being in the past, present, or the future, becomes difficult to understand. Yet, we do notice and experience, that time seems to have speeded up somehow, for we seem to have many shorter hours in a day than we did earlier. Thus, the expression, “time is flying” becomes very real to us.

 

In a three-dimensional reality, we see time as linear and sequential and we think that if we do this, then that will logically happen as a progression or consequence of our actions. But this is no longer true, when we add time as the fourth dimension. In that case, time becomes non-linear and if we move into non-linear and non-logical holographic reality, we live in the infinite“now” moment. Time then is not linear and there is no progression from past to present to future. Only the present moment has reality.

 

There is an important theory in economics called the “Theory of the Family decision making” which is based on the following facts:

 

As long as the members perform their roles according to their comparative advantage, no member ever takes a decision which is not Pareto optimal and the family well-being gets maximised. The family, thus, is the basic unit of a society. Care must be taken to see that the various forces that challenge its survival are kept at bay.

 

Confucius, the Chinese Philosopher had said that, improving the society depends basically on improving its families. This was supported by the polish philosopher Bronislaw Malinowski, who said that families are found in all communities and they play an important role everywhere, by influencing the whole extent of social organisation and culture.

 

Family has its origin from the Latin word “familia”, meaning a household. Indian concepts of Grahastha and Parivar have more or less the same connotations as that of familia and famulus. It means the body of persons - parents and children, who live in one house and under one head. The family is not a homogeneous entity but possesses an eclectic composition. This is why it has religious, judicial, political, linguistic and artistic orientation.

 

The horizon of the family is not confined within the limits of providing the economic needs of its offspring only, but also invests the lion share of its efforts in inculcating their minds with ideas, ways and customs of the social group. Vedic literature shows that people in those times had great esteem for the family ideal. Human happiness is best served by having a life-long, loving partner who comes within the accepted norms of the family and also sincerely shares one’s joys and sorrows.

 

If the society and individuals adhere to the precepts as described above, the principles of economics would become much more effective, provided that the role of the state is also considered as an endogenous variable. We need to operate in the periphery of what is termed as the “New Political Economy.”