The Hudson Valley is full of underused resources: individuals with time and talents, and businesses with spare capacity in the form of open tables, empty ride shares, printers not running, vacant salon chairs, extra show tickets, and so much more.
What is your business and what is your capacity to earn income? If you are a service provider, you know exactly how much work you can handle within a given month because this impacts your bottom line and how much is in your pocket at the end of the month.
Spare capacity in our local economy means there are unused resources (labor and capital). What if our community could help you increase the demand for your product and/or service without the need to discount your services?
What if there was an easy way to make up lost income when:
- Carpenters, electricians, plumbers have a cancelled job;
- Food processors or manufacturers are not using all its machines;
- Mechanics have a spot in the garage; or
- A babysitter has a free night they can work?
Spare capacity is bad for the Hudson Valley because it creates what is called an “output gap.” This is the difference between what is actually produced versus what could be produced at “full capacity.” This leads to lower output and therefore lower income for the businesses —and less expenditure within our local economy.
When there is an increase in spending on local goods and services, it creates a shift in the overall aggregate demand. Aggregate demand is defined as the total amount of goods and services consumers are willing to purchase in a given economy and during a certain period of time. In macroeconomics models, a right shift in aggregate demand is typically viewed as a good sign for the economy. Shifts to the left are typically viewed as a negative sign for the economy.
In the Hudson Valley, you have access to unused capital with our local currency, the Hudson Valley Current. The Current is completely legal complementary currency and valued dollar-for-dollar with the USD. When you let our members pay with Currents for your unused capacity product or service, you are increasing your overall profit. And you create an entry point for establishing new customer relationships and the opportunity for enthusiastic referrals of your work.
Support our local economy while increasing your profit by accepting Currents because it makes perfect sense. As a member of the Hudson Valley Current, you can look forward to improving your cash flow, connecting with other like-minded business owners, and seeing the direct impact of keeping it local.
Break free of the myth that there’s not enough to go around. Over 300 members have exchanged 340,000 Currents in four years. Ready to join? Or maybe you just have a question? Visit hudsonvalleycurrent.org or contact me at firstname.lastname@example.org.
– “Local Liz” Harrington is a new economy pollinator working to connect our local businesses, nonprofits and talent in the Hudson Valley.