This conversation is closed. Start a new conversation
or join one »
Isn't human skill a more tangible currency than trust in the new economy?
In the Rachel Botsman's talk, she makes an observation about two things essentially: "the new economy" and "the currency" it operates on. Before going further I thought I will first understand the current status. In today's economy currency is the medium of exchange between production and consumption and is based on natural resources of energy and their trade among countries.
In order to understand "the new economy" I looked around on ted for some help and I found that in one of his talks Yochai Benkler observes that "Social production is a real fact, not a fad. Social relations and exchange become significantly more important than they ever were as an economic phenomenon" because " computation storage and communication capacity are in the hands of an ever growing number of users and these activities are the core basis of an information economy." I realized that internet is the driver of the new economy where production and consumption is driven socially.
In another talk Don Tapscott opines that sharing, collaboration, transparency and empowerment are the four principles of the open world.
After having learnt about an open economy in the open world I concluded that the new economy will have the similar dynamics. And I tried to scale the theory to the real world today as the context of interaction are about the real time environment.
In reality today production is less than consumption. And as the new economy is opined to be predominantly social. It will be safe to assume that social interactions will drive our interaction with our natural environment.
At a global scale this means skill set sharing will not be limited to services but will be extended to products. Since energy is the core basis of all and any product the future indicates multi-national energy sharing.
And in that case the only thing that will matter is being a user. Human resource will be globally sourced will A human skill set is thus I believe the currency of the new economy
RAVI CHANDRA PRAKHYA
Shelby See
Shelby See
RAVI CHANDRA PRAKHYA
Shelby See
RAVI CHANDRA PRAKHYA
Jason Stotz
I think that is indeed where we are moving. The flood of information for the last few decades has changed a lot of things. While it does have its drawbacks in the generation that's being built glued to an illuminated screen, it has given incredible amounts of information to an amazing number of people. The spread of knowledge is accelerating. And all that information is getting stored in each person, expanding their bodies of knowledge farther than was ever possible before. It's slowly taking us out of our roles as cogs and walking us into utilizing all our knowledge and resources to live.
For example, I am a musician, dancer, and fitness instructor. I've changed course and focus over the years but I am now using all of my skillsets simultaneously. I do this simply out of joy. They are things that I like to do. They make me happy. But its allowed me to start to walk away from that place of identity that our system wants you to have. It wants to classify you as a lawyer, business man, administrator. It makes it easier to sell to you.
But we're now starting to move a place where people are finding a fuller sense of self and responsibility. People who grow their own food. Bike instead of drive. Help people who obviously need it without asking. Have 2-3 "jobs" but simply because you're doing multiple things you love, not because you "have to make money". This system makes our physical dollars flow in more organically because you're doing what you love, you're saving more because you're being responsible about eating well and being good to the environment, and you're constantly getting meals and gifts and treats from friends and neighbors because you help them out all the time without them even asking.
This is a much more joyful way to live. It redefines what capitalism is; no longer capitalizing to acquire great quantities, but capitalizing on all the opportunities you have to give of yourself to the world. I promise it's more fun that way.
mohamed ibrahim
I think that devils dominate the world, We need a global revolution against all regimes, no transparency, no justice, money is the main core, authorities and private wealth converge, regimes are supported by business men and their media, public believe everything exported by media, people are suffering, the problem is that sufferers choose at last their killer, you know drowning man will clutch at a straw, we want first to beat corruption, monopoly, exploitation to be able to build our new life our new world..you know wars and disputes are created and supported by large countries every day-such in Africa- so that large countries can sell weapons and gain money...no care for humanity, no care for me, no care for you...Hope truth, justice, love, peace will prevail
Shelby See
Things get done because of people's time devoted for a mean of exchange which is money. A human skill set that is not used is not wealth or currency, Money not used is saving. You can't have a saving of human skills but only the potential to use human skills.
RAVI CHANDRA PRAKHYA
I honestly do not yet know the relation between time and economy. ....If you could please help me understand your perspective I will be grateful.
Shelby See
RAVI CHANDRA PRAKHYA
Time has value only when it is coupled with a skill set and the only trade which happens universally is the exchange of skill set and it is thus the only currency.
" Time is money" is a metaphor for me, I would not want to take it literally as I believe it will be an under valuation of time!
Yuddandi Sivasubramanyam
RAVI CHANDRA PRAKHYA
Casey Christofaris 10+
RAVI CHANDRA PRAKHYA
Similar to the concept of localization this scale varies from country to country.
Global vision aligned with local action is what social interaction need to achieve to drive an economy
and once that is achieved local human resource needs to be integrated.
its just my perspective.
Casey Christofaris 10+
I don't know I have spent many a day trying to figure out how to get rid of money. I personally think that the people who do work/like to work will always work even if you gave the the choice not to work. Why couldn't every one live a semi-retired life. 50% work half a year 50% work the other half and machines do the rest.
RAVI CHANDRA PRAKHYA
Casey Christofaris 10+
RAVI CHANDRA PRAKHYA
Jeff Mowatt
In the white paper for people-centered economics, we said
"The Information Age can become the pinnacle of human civilization, the Golden Age. Or, it can become the end of human civilization. We get to decide which way to go, and act accordingly.
Dismissing people and consciously leaving them to die is probably not the way to go.
Economics, and indeed human civilization, can only be measured and calibrated in terms of human beings. Everything in economics has to be adjusted for people, first, and abandoning the illusory numerical analyses that inevitably put numbers ahead of people, capitalism ahead of democracy,
Each of us who have a choice can choose what we want to do to help or not. It is free-will, our choice, as human beings."
http://www.slideshare.net/JeffMowatt/principles-of-people-centeredeconomics
RAVI CHANDRA PRAKHYA
Energy always has a medium of exchange. In the primary medium of exchange it is called food. The only other natural medium of exchange is social interaction. Currency was later developed when the social collective realized that since natural resources are limited a monetary currency will make an individual accountable to consumption. And the basis of this consensus was limitation to communication.
The information age..
Industrial revolution gifted us communication technology. And as we searched for the true meaning of development that we knew was lost in translation, globalization of economy happened.
Dismissing people and consciously leaving them to die...
Today with the social networks we are witnessing how consumers are driving business strategies. Its a only a matter of time when consumers realize their true potential which can save lives through their interactions.
And the way human interaction is happening today. A user will definitely make the right choice on which to go. He always has!
Economics, and indeed human civilization....
Economic interaction originated as a mere tool to help a human coexist with his environment and as conversations today become more and more transparent Human skill set does look like the only lucrative investment.
Ed Schulte 50+
The Industrial Reviolution served will the Material/Christian/western mentality but it failed miserably at recognizing and knowing the direct inseperale connection(s) between Human Psyche and Planet-Earth Psyche. It was a lesson that had to be learned and now the survivors move on. "Sharingly"
RAVI CHANDRA PRAKHYA
Robert Winner 50+
Is this the sort of economy you are suggesting. If so how would you differ this from the barter system.
On the issue of trust in your equation. Why would I ever hire someone who has a bad reputation for his work. Trust is a improtant part of the hiring process. The most important part of advertising is word of mouth.
Finally, The Amish community can do this because it is a small and closed society. The life style is simple and the needs attended to are basic needs. If for instance the Amish allowed computers into the society then they would by necessity no longer be a closed society. The need for parts, electricity, power plants, etc would change their world.
It would be my opinion that this works in small managable groups but would not be effective on a large scale. If a incident occured from country X involving country Y how would it be resolved. Country X would stop relations with country Y and the word would spread and many other countries would stop bartering with country Y. Even if country Y was known for its skill set there would be no trust.
Hope I understood your conversation correctly. If I missed the mark please inform me.
Thanks ..... Bob.
RAVI CHANDRA PRAKHYA
About the new economy, I am not trying to differentiate it from any existing system. I have always believed in the saying that we need to do things differently rather than focusing on doing different things.
The issue of trust.- The frame of reference here is the new economy. Don Tapscott in one of his talk has established that sharing, collaboration, transparency and empowerment are the four principles of the open world ( read the new economy). What I have learnt from his talk is that empowerment is how the internet is helping an individual to understand that the core skill is integral to a specific quality standard, version upgrade, market expansion, advertising or any traditional function of an enterprise involved with production. Technology is helping in maintaining the transparency in the work profile of an individual. Accountability matrix ( read reputation) is a
a built in function of internet today.
The small and closed community. - There is a famous phrase today that the world is a global village. We are going into times where we understand that we share a singular asset and our social interactions will keep this community close -the only difference is geographically we are spread out around the world. The only community of the new economy is the 'user'.
Consensus and action on Energy production and sharing is still some time away while we work on smarter technologies of energy production, sharing and consumption.
Country X and Country Y - I wouldn't worry much about that. " Collaboration at astronomical basis" as remarked by Don Tapscott is yet to be achieved. We are yet to migrate to the new economy. We have just begun and on ted We are just sharing our vision and perspective about our experiences so far.
RAVI CHANDRA PRAKHYA
The skill to paint the house is no longer the core product. The painters skill to day is to price it right
and leverage his skill as further service to the customer
for example -post market survey his pricing is least however he has recommendations based on the home decor and neighborhood. A home beautification plan for additional costs. Product to services is the order of the day. And skill enhancement is a continuous process for the painter.
Now the first part of the comment-
Are you asking the difference between the way we perceive individual skill today and those of the new age economy?
Random Chance 30+
Everything costs people.
Things don't "GET DONE" because of money.
Things "DON'T GET DONE" because of money.
It is always people doing it.
Random Chance 30+
Nothing costs money. Everything costs people.
In the monetary system:
Things don't "GET DONE" because of money.
Things "DON'T GET DONE" because of money.
Fritzie Reisner 100+
RAVI CHANDRA PRAKHYA
And in such a scenario every individual user skill set will have a defined task. And at this global scale of "trade" the medium of exchange I believe is human skill set. Technology today is very much capable of developing an open source matrix for trust. A network of trust will essentially be a part of the user profile.
Fritzie Reisner 100+
And then you go another step, perhaps, to call that value itself the medium of exchange
RAVI CHANDRA PRAKHYA
In this interaction skill is consumed and trust is produced. "Trust" in itself is like a quality check which is "one to one" therefore making it just a skill of the consumer.
Either ways the medium of exchange is "skill" and not trust.
Think about it!
Fritzie Reisner 100+
RAVI CHANDRA PRAKHYA
The core value of an interaction in my perspective is skill.
Fritzie Reisner 100+
For example, when someone chooses who will paint his house for him, aren't the potential painters' skills in house painting, trustworthiness, and the amounts they will charge the primary criteria? The person who needs the service may trade off quality for price, thus sometimes choosing the less skilled person.
RAVI CHANDRA PRAKHYA
The skill to paint the house is no longer the core product. The painters skill to day is to price it right and leverage his skill as further service to the customer
for example -post market survey his pricing is least, however he has recommendations based on the home decor and neighborhood. A home beautification plan for additional costs. Product to services is the order of the day. And skill enhancement is a continuous process for the painter.
Now the first part of the comment-
Are you asking the difference between the way we perceive individual skill today and those of the new age economy?
Fritzie Reisner 100+
RAVI CHANDRA PRAKHYA
Fritzie Reisner 100+
RAVI CHANDRA PRAKHYA
carolyn mcauley 10+
RAVI CHANDRA PRAKHYA
RAVI CHANDRA PRAKHYA
Man is a social being where in, once his biological needs like food , water and shelter are met it is social interactions that he engages in. The human mind is incredible where in it constantly converts information into knowledge. And interactions are the primary source of information. Why it does that? To sustain. Sustainability is the very basis of the human mind.
Being social is an essential instinct of the human mind, as a collective it responds better to a crisis.
A crisis can be explained as a threat to human sustenance, be it interruption in food and water supply, safety, security, shelter, or natural disaster, anything which is a threat.
As a collective mind we have learnt that in order to coexist with our natural environment we need to be accountable, as our natural resources are limited. Thus, we arrived at an interaction amongst ourselves which would require an individual to earn his needs. It is called economy.
Currency is the medium of exchange in this interaction. This again depends on the sources of energy and its trade. While we are still trying to make smarter energy production technologies the energy resources currently available are still limited. Hence, increased consumption and lesser production makes this medium of exchange week.
Mobile payment is already an indication of electronic currency taking over the traditional currency. This coupled with the fact that internet today allows social interactions to happen without any boundary seem to suggest that social interactions will drive economic decisions.
This phenomenon might sometime in the future call for a change in the very basis of currency. And I believe that human skill set is one of the top contenders for it, after all it is a human mind.
I hope my explanation this time is simple enough. Please feel free to revert.