By using local non-satiation assumptions more money...

By using local non-satiation assumptions more money resources are defined to lead to more utility and thus subjective wellbeing. Where as a non-conventional approach of defining time-metric utility functions and expanding the decisions horizon from finite to infinite, i.e.

including life after death period (Hamdani and Khalid, 2003), with varying weights for individuals with different levels of faith leads to such normative outcomes which develops coherence in societal joint welfare objectives and individual welfare objectives. These objectives are time consistent, pareto optimal and welfare maximizing competitive outcomes as well.

However these faith indices developments are yet purely subjective and need to develop sound and consensus based technical grounds, as pointed out by Nadeem (2002) and Siddique (2007) (see Hamdani, 2007 for further discussion). Hence the holistic objective of a Human being would be to maximize her wellbeing through allocation of her allotted (for her life cycle) resources on a number of aspects of her life.

In that the resources are transformed through a complex transformation from one real space to the other. e.g. from the available 24 hours, after taking away the compulsory time (this may also vary from person to person, depending on one's health from psychological, spiritual, religious and physical perspective), the time space would then be converted into money space for carrying out money dependent transactions. Where ?

is the positive monotonic transformation where time inputs are converted into money resources based on parameters such as human capital, social capital, technology and religious capital etc. Here the small t represents the time resources real space, and I is the nominal income space. However not all the time resources are converted in monetary resources, because human wellbeing is maximized by investing direct time inputs as well.

Similarly the income resource are then transferred interms of consumable commodities both the durable and non-durables. As the nature of these transformed variables is different from the input/resource variables hence their space does not necessarily present the same structure as the former. Therefore it becomes objective to explore such parameters which are not necessarily in the same metric as of the inputs.