Hello ladies, gentlemen. Just one small note. From 8:28 onward, that's my own argument on why we need money. If you would like a different point of view, I've put a couple of links in the description for moneyless systems. Thank you and have a great day/night!
wow!!! you replied to my comment. Bahrain is my favourate county now. you make great videos and WHEN you get millions of subscribers don't forget us. keep up the good work!!!
Great video as always! I think the explanation was quite clear as to what money is, and I believe your argument for the necessity for money is pretty good. Keep it up! :)
money is a method for goods/service to be exchanged between people who don't know or trust one another. which is what happens anywhere when millions+ people share a single economy
Is it possible to unify ALL of the systems into one? For example, in a human body, like in a vast amount of other places (government, etc), one system counters another, (one organ makes hormones to tell other organ to make hormones to tell OTHER organs do something) and so on, it's not very effective. Is it at all practically possible to optimize these kinds of 'system systems'? Has it been done? Society examples?
Can you do a take on area 'division' into continents, regions, countries? Wouldn't it make more sense not to have different countries? Would the world still be divided if everyone spoke the same language, is that the barrier? Often there are simple solutions, could you think of one (few?)?
***** @3:30 You state that gold is an example of "Commodity Money". In your example gold is not the Unit of Account but is instead priced in Dollars. Gold is exactly like every other commodity. It seems that "Commodity Money" isn't money but merely a commodity.
Materials. If you could turn any matter into another with very high efficiency (possibly adding of subtracting energy in the process) that would be great. But we can't. What problems does the depleting nature of all good things cause?
Can you do a take on quantity and precision and how those interact? P.S. I'll try to think up a few more maybe later, just in case you're running out of content ideas, which i think is very unlikely.
well, if you can't do anything with gold or silver yourself, other than trade it for something you could use, then I reckon it the same as paper banknotes, i.e. has no intrinsic value for you personally. But then again, in many cases/situations/environments value can be subjective.
+Rishikul Saxena It due to the amount of money in circulation, which directly effects the buying power of one unit of that money system. Its why China's (an export based economy) Yuan is kept so weak against say the British Pound (an Service and Consumer economy). As a weak Yuan will make it cheaper for other currency's to buy China's goods and a Strong GBP allows its consumers to have more buying power. I am simplifying here alot as having too much money in circulation can lead to all kinds of issues as can having to little.
8:29 Would education about fundamentals of applied automation on agronomy help humanity be ready for something like that? Or at least a community? That would take care of access to food at least. Also apply automation on other fundamental human needs to improve quality of life since it can no longer be defined in terms of money, cuz of the aliens lol; Maybe they wanna test our problem solving abilities.
I understand there are serious scientific values to precious metals and some gems, but most people have no idea how to apply them in a scientific way. I get the concept of rarity as well, but if you have no idea how do anything special with them, why would gold, silver, platinum, diamonds and stuff have any value? Just because they're shiny and pretty? Because it makes people feel special to have something most others don't?
Because they are finite. If you think of Money as being a stock of a certain country then each part of that stock would equate to a % share the more there is the less each individual share is worth. If all I need to do is print then the number of shares could rise much faster than the value of the total stock (think Zimbabwe notes). We cant print more gold... Say 100 dollars represents the world, and then you print 100 dollars... there is no gain as the total represent the world. A 100 dollars is now worth 50 dollars in buying power. Say 100 troy ounces represents the world... you cant print gold. A 100 troy ounces has the same buying power still.
This ignores labor theory of value. Without money the resources and labor still exist. This all breaks down when the currency fails to hold any representation of value. Since resources are finite, the depletion of value in money and currency occurs because it ceases to represent anything real. The experience of the Anarchists in the Spanish Civil demonstrated that with labor value alone it was possible to invest in the development of capital. The socialists and communists were not able to say the same. The failure of the anarchist project wasn't economic it was political.
What we need is something called Resource Currency. A type of money that is edible or stores electricity or something. So when shit hits the fan your currency has a legitimate use to you and this is a reason to want to acquire it.
***** That kind of currency is more useful when shit hits the fan, but works much worse when the economy is going average to well, because it stunts its growth.
Not if it's something you expend in your daily life. Say the world currency literally becomes power. The power company and banks merge or whatever and you can technically go out and harvest currency, and every day you need to use some of it. Costs become literal instead of theoretical.
Nice video but the experiment is flawed on many level. If the alien civilization is so advanced they managed to get here, I would expect them to figure out the result of such experiment, just as you did, without actually doing it. The second funny thing is that we can just start to use beads for trade, and explain to them it is actually food for us so they cant forbid that one. So where do they draw the line ? As long as we can exchange something and render standard value to it we should be fine. Matter in fact, we can just manipulate numbers on computers and call it credit... oh wait. Dont worry I didn't miss the point, I know what you tried to explain I just wanted to highlight that such experimental would never work in practice :)
Probably a really bad idea to touch on this matter, but still. Religion? What? Why in the first place? Any longer? Customs and traditions as well? The useless ones at least.
No sorry your wrong, You would still have a perfectly functional system. One change tho HUMAN LABOR... Lets replace that with AUTOMATED SYSTEM. no monetary exchange would be need due to machine don't need to be paid. People today are being replace by these automated system. Even Mac Donald is thing of soon becoming fully automated. Its called Technological Unemployment. This is because Machines have the ability to do our Jobs better then we can making for a higher quality of product, produced faster and at lower the cost than any HUMAN LABOR. Automated Technology if organized would create a system with such a high standard of living that would put our current lives to SHAME. With no monetary concern . The technology would improve and grow at a staggering rate. Humanity would have the tools to be CREATIVE WITHOUT LIMITATIONS of currency. People have interest beyond The false illusions of wealth and would actually be more productive.
Maybe you could put a sorta communist planned economy in effect to deal with a world economy with out money everyone gets some food and some of the other things you work in exchange for work.
Can you do a 'deeper' explanation of entertainment? Most know that it's caused by brain to "reward" us for doing beneficial things, but that's a caveman situation again, isn't it? What about modern today's society? If our race gets to live for lets say another 50 000 years, having evolution in mind, will we any longer feel a sense of entertainment, fun? If Fun and satisfaction is kind of the ultimate goal of every human being, what is going to happen? Will it be beneficial to have that sense?
This person is kinda ignorant. WE DON"T NEED MONEY BARTER OR TRADE. All we really need is RESOURCES, AUTOMATED PRODUCTION, DISTRIBUTION, RECYCLING. We Already have the RESOURCE, we already have AUTOMATED PRODUCTION, we already have outlets for DISTRIBUTION, we also have RECYCLING technology. The need for money isn't necessary
You would be right, if all of those things were automated, they are not yet fully automated, someone has to do the jobs that get us the resources, check the production for quality, distribute the supplies, and recycle the products. Machines help in all of those jobs, but none of the systems are yet fully automated.
Leo Daza I've thought of a solution for that. How about we make an agreement with all those people working in the fields of computer, science, and robotics that their living will be free of charge meaning no bills no debts etc. In return they work to help fully automated every field. All resource they need to automate would be free to them without need for loans and grants etc. As they automate lets say food production and energy. those utilities because free to the general public and we keep using these process until we reach our goal of a resource based economy making all goods and services free of charge. What do you think?
This wouldn't work because what you are saying would require machine reproduction. It is very difficult to make a machine that can make more of themselves and is impossible to have machines reproduce indefinitely because the machines that would be delivering the parts to make more of those machines would need to have another machine deliver their own parts and so on. It would be an endless cycle that would have no end and you can't have an indefinite number of machines. At some point, a human, which can reproduce with nothing more than another human, would need to step into the process. On top of this, you would still need artists, designers, and researchers. People to design new buildings, design parks, make movies (and star in them), think of new ways to cure new illnesses, invent new goods, etc. A robot can only ever know as much as it is programmed. Computers cannot learn new things that no human has ever known. That violates basic principles of computer science and artificial intelligence. As a result, a computer could never research the unknown and uncover new findings. It's simply not possible. You would need a person to do that. Lastly, your idea have having researchers work for free but not have to pay bills or debts, etc is pointless if we live in a money-less world. It might work as we begin to phase money out, but as soon as it is declared there is no longer money, all the research would halt because the people trying to design buildings, make movies, research cures for cancer, or invent new goods along with anything else that can't be automated would no longer have incentive to work. As soon as a huge disease breaks out, like lets say there is a massive ebola outbreak world wide, millions of people would die and it would spread like wild fire because no body is researching ways to stop it and ebola spreads fast and kills fast. A money-less world would be a dystopia, not a utopia.
***** A major purpose of money is the power of buying good and services with a restriction. If we allow humans to free resources, they will use it all up. Also, no resource such as oil or food can be infinitely remade to appeal human need and wants because limited supply will not keep pace with rapid, infinite demand.
Er Jio The odd thing about that is that while such money has worth to the economy, to the issuer it is a promise to redeem only when it is in someone else's hand. In the issuer's hand it is just paper; he can burn it or print more with impunity.
This lecture was intellectually dishonest because it is the same old tired money versus barter dribble. I is aggravating listening to these types of lectures because because it is always the same narrative, money versus barter, which are BOTH the same system with the ONLY difference being, in money you have the universal exchange medium rather than I''l trade you my desk for your refrigerator. A more intellectually honest lecture would be talking about money and barter versus EGALITARIAN economy, and comparing those differences!
This channel is a real gold nugget!
u deserve wayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy more subs
What a great video! I saw it on the site "Curiosity" and I learned so much...Thank you!
Your videos are awesome!! Keep making them!
Hello ladies, gentlemen. Just one small note. From 8:28 onward, that's my own argument on why we need money. If you would like a different point of view, I've put a couple of links in the description for moneyless systems. Thank you and have a great day/night!
wow!!! you replied to my comment. Bahrain is my favourate county now. you make great videos and WHEN you get millions of subscribers don't forget us. keep up the good work!!!
Great video as always! I think the explanation was quite clear as to what money is, and I believe your argument for the necessity for money is pretty good. Keep it up! :)
I'm neither a mathematician or a philosopher. I specialize in communications. I work for a communications consultancy company.
How could you don't speak about Bitcoin????
I don't know but I always heard the term money from my boss.
money is a method for goods/service to be exchanged between people who don't know or trust one another. which is what happens anywhere when millions+ people share a single economy
What is money? baby don't buy me, don't buy me, much more.
Im not a pussy, Im doge. Pussy Cats are my natural enemy.
+Stan Lanz I'm doge
wow, you actually got all of that correct. Congratz.
But im a doge, I have nothing better to do than to be a doge.
Why do we sometimes (all the time in my case) tend to delay work, delay decisions, delay entertainment even?
Is it possible to unify ALL of the systems into one? For example, in a human body, like in a vast amount of other places (government, etc), one system counters another, (one organ makes hormones to tell other organ to make hormones to tell OTHER organs do something) and so on, it's not very effective. Is it at all practically possible to optimize these kinds of 'system systems'? Has it been done? Society examples?
Can you do a take on area 'division' into continents, regions, countries? Wouldn't it make more sense not to have different countries? Would the world still be divided if everyone spoke the same language, is that the barrier? Often there are simple solutions, could you think of one (few?)?
*****
@3:30
You state that gold is an example of "Commodity Money".
In your example gold is not the Unit of Account but is instead priced in Dollars.
Gold is exactly like every other commodity.
It seems that "Commodity Money" isn't money but merely a commodity.
Can you do a take on 'knowledge'? How do we know when we know something?
Materials. If you could turn any matter into another with very high efficiency (possibly adding of subtracting energy in the process) that would be great. But we can't. What problems does the depleting nature of all good things cause?
awesome, great video! I would really like to watch some more stuff about economics
You don't need money. We lived millions of years without it.
Can you do a take on quantity and precision and how those interact?
P.S. I'll try to think up a few more maybe later, just in case you're running out of content ideas, which i think is very unlikely.
hahaha 0:08 "bahblam"... made me laugh
well, if you can't do anything with gold or silver yourself, other than trade it for something you could use, then I reckon it the same as paper banknotes, i.e. has no intrinsic value for you personally. But then again, in many cases/situations/environments value can be subjective.
if prevalent currency system is mostly FIAT currency, then how we determine exchange rate of currencies ?
+Rishikul Saxena It due to the amount of money in circulation, which directly effects the buying power of one unit of that money system. Its why China's (an export based economy) Yuan is kept so weak against say the British Pound (an Service and Consumer economy). As a weak Yuan will make it cheaper for other currency's to buy China's goods and a Strong GBP allows its consumers to have more buying power. I am simplifying here alot as having too much money in circulation can lead to all kinds of issues as can having to little.
i just want to know, what do you do for a living? philosophy? i know you are not a mathematician
What about BitCoins?
what country are you from?
8:29
Would education about fundamentals of applied automation on agronomy help humanity be ready for something like that? Or at least a community? That would take care of access to food at least. Also apply automation on other fundamental human needs to improve quality of life since it can no longer be defined in terms of money, cuz of the aliens lol; Maybe they wanna test our problem solving abilities.
Money is a form of power and control...it's an illusion in your mind that you have been taught...
Is education the ultimate solution to all of our social problems?
How would YOU sum up the goal of humans, or any life basically? Goal as an individual, goal as a group, civilization?
Be happy; Survive as a pack; ?..
What I need more of to make big moves
I understand there are serious scientific values to precious metals and some gems, but most people have no idea how to apply them in a scientific way. I get the concept of rarity as well, but if you have no idea how do anything special with them, why would gold, silver, platinum, diamonds and stuff have any value? Just because they're shiny and pretty? Because it makes people feel special to have something most others don't?
Because they are finite. If you think of Money as being a stock of a certain country then each part of that stock would equate to a % share the more there is the less each individual share is worth. If all I need to do is print then the number of shares could rise much faster than the value of the total stock (think Zimbabwe notes). We cant print more gold...
Say 100 dollars represents the world, and then you print 100 dollars... there is no gain as the total represent the world. A 100 dollars is now worth 50 dollars in buying power.
Say 100 troy ounces represents the world... you cant print gold. A 100 troy ounces has the same buying power still.
9:04
Shouldn't that be "Gee"?
This ignores labor theory of value. Without money the resources and labor still exist. This all breaks down when the currency fails to hold any representation of value. Since resources are finite, the depletion of value in money and currency occurs because it ceases to represent anything real.
The experience of the Anarchists in the Spanish Civil demonstrated that with labor value alone it was possible to invest in the development of capital. The socialists and communists were not able to say the same. The failure of the anarchist project wasn't economic it was political.
Great as always
What we need is something called Resource Currency. A type of money that is edible or stores electricity or something. So when shit hits the fan your currency has a legitimate use to you and this is a reason to want to acquire it.
***** That kind of currency is more useful when shit hits the fan, but works much worse when the economy is going average to well, because it stunts its growth.
Not if it's something you expend in your daily life. Say the world currency literally becomes power. The power company and banks merge or whatever and you can technically go out and harvest currency, and every day you need to use some of it. Costs become literal instead of theoretical.
***** Power would be a horrible currency because you can't save it, there's no long-term storage mechanism.
+Tudor Naconecinii Excuse me, but Duracell disagrees with you. xD
Leopoldo Aranha And here I have to say "long term is a relative concept" XD
I'm from a country called Bahrain :)
Nice video but the experiment is flawed on many level. If the alien civilization is so advanced they managed to get here, I would expect them to figure out the result of such experiment, just as you did, without actually doing it. The second funny thing is that we can just start to use beads for trade, and explain to them it is actually food for us so they cant forbid that one. So where do they draw the line ? As long as we can exchange something and render standard value to it we should be fine. Matter in fact, we can just manipulate numbers on computers and call it credit... oh wait.
Dont worry I didn't miss the point, I know what you tried to explain I just wanted to highlight that such experimental would never work in practice :)
wow this comment is definitely something alright.
How much you paid for the views and positive reviews? You didn't give any answer what money is e.g. how it is going to be created.
I know what money is - something I don't have :(
Probably a really bad idea to touch on this matter, but still. Religion? What? Why in the first place? Any longer?
Customs and traditions as well? The useless ones at least.
No sorry your wrong, You would still have a perfectly functional system. One change tho HUMAN LABOR... Lets replace that with AUTOMATED SYSTEM.
no monetary exchange would be need due to machine don't need to be paid.
People today are being replace by these automated system. Even Mac Donald is thing of soon becoming fully automated.
Its called Technological Unemployment. This is because Machines have the ability to do our Jobs better then we can making for a higher quality of product, produced faster and at lower the cost than any HUMAN LABOR.
Automated Technology if organized would create a system with such a high standard of living that would put our current lives to SHAME.
With no monetary concern . The technology would improve and grow at a staggering rate. Humanity would have the tools to be CREATIVE WITHOUT LIMITATIONS of currency.
People have interest beyond The false illusions of wealth and would actually be more productive.
Beautifuly made
Moblashoeblah
+Phexism xD
Maybe you could put a sorta communist planned economy in effect to deal with a world economy with out money everyone gets some food and some of the other things you work in exchange for work.
A car worth only 10 cows?
Can you do a 'deeper' explanation of entertainment? Most know that it's caused by brain to "reward" us for doing beneficial things, but that's a caveman situation again, isn't it?
What about modern today's society? If our race gets to live for lets say another 50 000 years, having evolution in mind, will we any longer feel a sense of entertainment, fun? If Fun and satisfaction is kind of the ultimate goal of every human being, what is going to happen? Will it be beneficial to have that sense?
This person is kinda ignorant. WE DON"T NEED MONEY BARTER OR TRADE.
All we really need is RESOURCES, AUTOMATED PRODUCTION, DISTRIBUTION, RECYCLING.
We Already have the RESOURCE, we already have AUTOMATED PRODUCTION, we already have outlets for DISTRIBUTION, we also have RECYCLING technology.
The need for money isn't necessary
You would be right, if all of those things were automated, they are not yet fully automated, someone has to do the jobs that get us the resources, check the production for quality, distribute the supplies, and recycle the products. Machines help in all of those jobs, but none of the systems are yet fully automated.
Leo Daza I've thought of a solution for that.
How about we make an agreement with all those people working in the fields of computer, science, and robotics that their living will be free of charge meaning no bills no debts etc. In return they work to help fully automated every field. All resource they need to automate would be free to them without need for loans and grants etc.
As they automate lets say food production and energy. those utilities because free to the general public and we keep using these process until we reach our goal of a resource based economy making all goods and services free of charge.
What do you think?
It's a good idea, it's kind of what Japan is doing now, making robots to take care of their ageing population.
This wouldn't work because what you are saying would require machine reproduction. It is very difficult to make a machine that can make more of themselves and is impossible to have machines reproduce indefinitely because the machines that would be delivering the parts to make more of those machines would need to have another machine deliver their own parts and so on. It would be an endless cycle that would have no end and you can't have an indefinite number of machines. At some point, a human, which can reproduce with nothing more than another human, would need to step into the process. On top of this, you would still need artists, designers, and researchers. People to design new buildings, design parks, make movies (and star in them), think of new ways to cure new illnesses, invent new goods, etc. A robot can only ever know as much as it is programmed. Computers cannot learn new things that no human has ever known. That violates basic principles of computer science and artificial intelligence. As a result, a computer could never research the unknown and uncover new findings. It's simply not possible. You would need a person to do that. Lastly, your idea have having researchers work for free but not have to pay bills or debts, etc is pointless if we live in a money-less world. It might work as we begin to phase money out, but as soon as it is declared there is no longer money, all the research would halt because the people trying to design buildings, make movies, research cures for cancer, or invent new goods along with anything else that can't be automated would no longer have incentive to work. As soon as a huge disease breaks out, like lets say there is a massive ebola outbreak world wide, millions of people would die and it would spread like wild fire because no body is researching ways to stop it and ebola spreads fast and kills fast. A money-less world would be a dystopia, not a utopia.
*****
A major purpose of money is the power of buying good and services with a restriction. If we allow humans to free resources, they will use it all up. Also, no resource such as oil or food can be infinitely remade to appeal human need and wants because limited supply will not keep pace with rapid, infinite demand.
Money is a tool, use it or it will use you.
The problem with todays moneys is that, they are not emitted by Governments :) That is a Fact worth to Break :)
too deep, too complex
Disque hoobla shmoobla lil
you can think of comodity backed money as an I.O.U. i give you 100$ of gold and you give me a peice of paper saying i owe you 100$, or a 100$ bill
Er Jio The odd thing about that is that while such money has worth to the economy, to the issuer it is a promise to redeem only when it is in someone else's hand. In the issuer's hand it is just paper; he can burn it or print more with impunity.
everything is good except his accent.... 👍👍
That's the best part
This lecture was intellectually dishonest because it is the same old tired money versus barter dribble. I is aggravating listening to these types of lectures because because it is always the same narrative, money versus barter, which are BOTH the same system with the ONLY difference being, in money you have the universal exchange medium rather than I''l trade you my desk for your refrigerator.
A more intellectually honest lecture would be talking about money and barter versus EGALITARIAN economy, and comparing those differences!