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RAVI CHANDRA PRAKHYA

Amateur Researcher , Looking for an opportunity

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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

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    Nov 9 2012: Human skill sets are wealth but not currency. Currency has to be easily moved from place to place, to be a means of exchange. Time on the other hand has to do more with currency then human skill.
    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.
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      Nov 9 2012: Currency is the medium of exchange of skill set (product or service). As far as mobility is concerned we are already iterating on plastic, electronic and mobile payment gateways.
      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.
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        Nov 12 2012: Ok a skill set is used to do a task to make a good or to provide a service, right. But not all skills are equal with in individuals but markets has set up a plan for this, they average the time it takes the qualified individuals to do a certain task so the markets can have a set price. Most jobs are based off of time, you think of hourly wage or even being paid a commission it all has to do with time. When you have a skill set this is kind of an equation that you get paid by. Time x skill set = wage. Have you ever heard time is money well it literally is money, when you hold a dollar, you are holding your own time in your hand, to trade for somebody's (Skill Set) time. To be able to trade skill sets you need a mean of exchange which is not skill sets which is valuable to be able to trade. Are currency is back by GDP which has to do with nationality skill sets.
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          Nov 12 2012: Any exchange or trade primarily happens because not all skills are equal. The current practices of economics, job and wage are centered around the notions of the previous century.
          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!

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