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Title : Money Does Not Exist. Only Human Time
link : Money Does Not Exist. Only Human Time
Money Does Not Exist. Only Human Time
These two excerpts are from the cutting floor of my upcoming book "How Not to Become a Millennial." They didn't make it because they were too deep and philosophical, going well beyond the succinct point I was trying to make. Still, it is of value and I hope you enjoy it. Still slated for late January for the book to be published."Money does not exist. There is no such thing as money. The only thing that truly exists in economics is human time. Because when you remove money from the picture what you realize is an economy is nothing more than humans trading each others’ time.
A butcher converts his time into money by cutting good cuts of meat. A programmer converts his time into money by programming code and getting a salary for it. A surgeon converts his time into money by performing surgery and collecting a check. And a truck driver converts his time into money by hauling freight which his employer pays for. Thus money is a tool by which we convert our labor and production into a medium of exchange that allows us to buy the precise amount of other people’s production we want whether its surgeries, meat, video games, or socks. But in the end realize economics is nothing more than humans trading each others’ time.
Well, actually, it’s a little bit more than that. Because if you noticed it isn’t just you, me, and everybody else grabbing pieces of paper and pointlessly giving them to each other. We have to convert our time into something of value. Something other people want. And depending what we produce with that time determines the how much money we get for each unit of our time.
If you’re just going to teach 1stgraders that’s nothing highly skilled or demanding. Anybody can do it, plus there’s millions of people every year graduating with the credentials to do so. So at most you’ll make $20 per hour or $40,000 per year.
If you’re willing to go to school for 13 years, take tons of tests, and can cut people open without passing out at the sight of blood, that is a much rarer and difficult skill and so a heart surgeon can command $5,000 per hour.
And if you are one of the incredibly rare people who has the physique and ability to take a stick, swing it at a sphere coming at you at 101 MPH, and manage to hit it over a fence 400 feet away that very rare skill will earn you $300,000 for every hour of your time as a professional baseball player.
So it is not so much that you have time, but what you create with your time via labor that determines its value.
But there is a third and final philosophical component to understanding what gives a human value. Not just from an economic standpoint, but from a moral and ethical one as well. And that is value cannot exist without the consent and conference of other people. I cannot write books nobody wants to read and then declare their value at $6,000 a copy. A programmer cannot code a really crappy video game and self-declare it to have a worth of $90,000. Because if we could everybody would declare each hour of their labor to have a value of infinity dollars, which would make value meaningless by making everyone a Super. By necessity value can only be given and conferred by other people, not the individual."
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"There is one thing and one thing only that gives an individual value. Their accomplishments. It is not the color of their skin. It is not the plumbing they have downstairs. It is not the type of people they are attracted to. And it is not what they philosophically believe. It is what they have done for other people either through work, labor, investment, or innovation. And the reason why accomplishments have value is because only other people can place value upon your accomplishments. You need other people to confer their value upon your achievements. Because without other people, there is no way to value anything.
This is key to understand because the individual cannot confer value upon himself. You need other people to either want or at least appreciate your accomplishments because otherwise you can self-confer value on anything you do, giving anything you do “infinite value” thus losing all and any meaning. And while this may seem very amorphous and philosophical, where something like value is so subjective, it is actually very mathematically finite and precise. Because we have an incredibly accurate measure of value. A measure human have been using since the dawn of time. A measurement that our entire economy is based off of and is the blood of all economies. Money.
Technically there is no such thing as money. Money is merely a tool by which we convert and trade our time with other people. But when you combine time with money you get a thing called a “wage” or a “price.” Words that are not accidentally synonymous with value. They are value."
thus Article Money Does Not Exist. Only Human Time
that is all articles Money Does Not Exist. Only Human Time This time, hopefully can provide benefits to all of you. Okay, see you in another article posting.
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