[ 25/May/21 ]
Using markets to measure value; then using that measure as a proxy for human value more generally.
In an age when most things were genuinely scarce and human labour was genuinely of value, then that system arguably worked fairly well.
In an age where automation can produce a large and exponentially increasing set of goods and services in universal abundance, and where the energy of a person’s labour can be produced by a machine for a few cents per hour, then the value measured by market systems diverges significantly from the values held by the vast majority of humanity.
Market based measures are now generating the greatest sets of existential level threats faced by humanity, and that creates many deeply complex issues as currently most of the essential systems for maintaining social and technological systems are deeply embedded in the current market based systems.
There are no simple answers to that question, and there are some simple things that can be done to buy sufficient time to allow more complex solutions that have some long term stability to be developed and deployed. One of those is some form of universal income. And it has some complex issues with it, particularly in the area of the money creation systems currently producing most of the money in circulation.
So it is an issue that needs to be solved quickly, and it is a very complex issue, and it is only one of many drivers of substantial and urgent reform of the monetary systems of the planet that many of the more conservative among us will find difficult.