Time consistency means that a path from A to Z will be followed by all points in between such as B, C, and D or L, M, or N along the same exact trajectory. In other words whether you start at A, the beginning, or at M, somewhere in the middle, the time consistent method would follow the same route and sub route. In this sense, classical and Marxian economics are time consistent.
Gandhian economics, on the other hand, is time inconsistent. When we start at point A, we have a certain amount of information and understanding of matters. By the time we get to B, things will have changed. We must assess our options at this new vantage point and move along the right path, not necessarily the path described at point A.
When we successively get to points C, D, E, and so on, we must keep an open mind, modifying our plans and taking fresh paths at each point.
In other words Gandhian economics is flexible, non-dogmatic, and constantly capable of holding a profound inconsistency of method with respect to time.
While other approaches make much of being consistent with respect to time, Gandhian economics cares about being consistent with respect to the human being, all plants and animals, and our planet. Time inconsistency, the methodology of Gandhian economics, honors us and everything contained in mother earth.
Posted by Abhay Burjor Ghiara at 6/25/2014