Break The Cycle: Fiat Money is Killing Work and Work Needs Us16. February 2023
The Problem with Work
This article by Jimmy Song explains the problem of work in our economy today. The output of labor is a legacy we leave behind, yet the equation of work – productive labor in return for money – is not working well. Mass layoffs are happening all over the economy, and people are wondering what’s going on and why it’s happening.
What Is Work?
Work is how we contribute to our civilization, communities, and families. It takes a harsh world and makes it livable, enjoyable, and even meaningful. Through trade and specialization of work, we can leverage our skills to get everything we need. Civilization gets built because of this specialization of work; everyone optimizes for value provided per time worked while minimizing the unpleasantness of the task.
The Role Of Money
Money or a common medium exchange allows us to specialize and do what were good at. It also allows us to make money without doing things that would be unpleasant or difficult for us. This is why money plays such an important role in work: it provides incentives for people to do what they’re good at while avoiding unpleasant tasks that might offer better pay rates but with less desirable conditions or requirements.
Faulty Fiat Money System
Jimmy Song places the blame for these massive layoffs on fiat money’s fault as it has caused inflation which reduces purchasing power of wages . This happens when more money is created which then drives up prices due to increased demand but wages remain stagnant leading to decreased buying power for individuals . This leads to fewer jobs available as employers have limited resources due to reduced purchasing power from workers causing them to layoff employees instead of hiring new ones or giving raises .
In conclusion, work is essential for building civilizations, economies and societies but today’s faulty fiat money system has resulted in massive layoffs across different industries due to inflation reducing wages while prices rise creating an imbalance between supply & demand resulting in employers having limited resources leading them to layoff employees instead of hiring new ones or giving raises