The following links to an interesting book review on an optimistic view of the future that technology will bring through greater human connection, less toil, and more time to be human rather than an economic unit of production and consumption. Interesting reading, with some worthy insights.
Excerpt on the true value of money, which is time.
Mills refers to “time” as “the most precious of all commodities.” This is important not because some or many readers haven’t heard it, but because of what it modernly discredits. So many who should know better follow the Federal Reserve with great intensity as though the central bank’s relative willingness to “loosen” or “tighten” credit will be of economic importance. No, such a view is mindless. Credit is produced. We borrow money for what it can be exchanged for. Real resources. After which, per Mills time is yet again “the most precious of all commodities.” Yes it is, and the Fed can’t produce even an extra second. Not only will automation and robots author levels of growth that will astound us for their bounty, but they’ll also finally put to bed a “Fed” narrative that never made sense, but that refuses to die. Credit on offer because of production (meaning the only kind of credit) is set to astound us in terms of its abundance, and central bankers will logically have nothing to do with it. The Fed can neither shrink us nor elevate us. This has always been the case.
And this quote leads into the logic of tuka, where sharing human creativity becomes the priority demand on our time. Sharing creativity helps us to reach the highest levels of human self-actualization as we no longer toil in mind-numbing “work.”
The bet here is that the next “economy” in the U.S. will be called “The Entertainment Economy.” Mills seems to agree as he spends a lot of time closer to book’s end on the extraordinarily happy truth that the “entire arc of technological progress has been to decrease the share of economies (and the share of people’s time) devoted to ‘essential’ tasks.” He then spends quite a bit more time on the rise of entertainment “work” (think videogaming, among other forms) that past generations could never have reasonably contemplated.