Thanks for the quote. I still disagree with trust = work. The main attributes of a currency are 1) means of exchange and 2) store of value. Both are connected with holding the asset for extended periods of time, but they are mere tokens for something else. That something else is what matters. Work is a reductionist view of that something else, I’d say productivity is a better proxy, but you also have elements like wealth creation/accumulation and their translation into actual goods/services. All is underpinned by trust and in our government led world, the compelled use of certain currencies (e.g. buying oil is really only possible at scale using USD)
Work is necessary but not sufficient. Let’s say that you work with a shovel vs with a truck. Putting 8h of work will yield two very different outcomes in terms of wealth creation.
A shovel will produce 2 units while a truck will produce 10 units (I’m making these numbers up for the sake of the example). Let’s say manual labor was responsible for 1 unit. Work per se was responsible for 50% of the value creation with a shovel, but only responsible for 10% with a truck.
So, once again, work is one factor of many, with capital usually being the better proxy for value creation
I’m not saying that work is the only factor. I’m saying that work is required to give currency any value.
Work is primary, not secondary. Work is required, everything else is in addition to work. Nothing moves without work.
Even if you want to add other factors such as tools and techniques that make us more productive, it’s still work.
I’m also saying there is no reason to hold money unless you have an expectation that someone else will work for you or exchange something for your money that requires work to produce.
I don’t even think it’s possible to escape work as a requirement for giving value to money.
Thanks for the quote. I still disagree with trust = work. The main attributes of a currency are 1) means of exchange and 2) store of value. Both are connected with holding the asset for extended periods of time, but they are mere tokens for something else. That something else is what matters. Work is a reductionist view of that something else, I’d say productivity is a better proxy, but you also have elements like wealth creation/accumulation and their translation into actual goods/services. All is underpinned by trust and in our government led world, the compelled use of certain currencies (e.g. buying oil is really only possible at scale using USD)
I see that you are interested in wealth creation and accumulation.
Do you know of any way to create wealth without work?
Work is necessary but not sufficient. Let’s say that you work with a shovel vs with a truck. Putting 8h of work will yield two very different outcomes in terms of wealth creation.
A shovel will produce 2 units while a truck will produce 10 units (I’m making these numbers up for the sake of the example). Let’s say manual labor was responsible for 1 unit. Work per se was responsible for 50% of the value creation with a shovel, but only responsible for 10% with a truck.
So, once again, work is one factor of many, with capital usually being the better proxy for value creation
I’m not saying that work is the only factor. I’m saying that work is required to give currency any value.
Work is primary, not secondary. Work is required, everything else is in addition to work. Nothing moves without work.
Even if you want to add other factors such as tools and techniques that make us more productive, it’s still work.
I’m also saying there is no reason to hold money unless you have an expectation that someone else will work for you or exchange something for your money that requires work to produce.
I don’t even think it’s possible to escape work as a requirement for giving value to money.