The Price of Work: How Fiat Money Is Killing Productive Labor
The Value of Work
• Work is how we contribute to our civilization, communities, and families. It provides value to a normal, functioning market.
• Money or the common medium of exchange allows us to specialize and do what we’re good at.
• People optimize for value by providing services they dread the least while making the most money possible.
Fiat Money’s Fault
The current economy is suffering from massive layoffs all over, despite businesses still operating as usual. This is because of the lack of ability of fiat money to accommodate productive labor in return for payment that would make sense for both parties involved.
Prosperity Through Specialization
Specialization in work allows individuals to leverage their skills so that they can get what they need and want. This is how civilization gets built as people are able to focus on specific tasks that best suit their skillset and knowledge base, thereby increasing the overall productivity rate within an economy or society.
Wages Don’t Reflect Productivity
Unfortunately, wages do not always reflect productivity due to a number of factors such as cost-cutting measures or technological advancements which reduce the demand for labor in certain sectors. This has resulted in many people being laid off despite them having contributed significantly towards their respective organizations prior to this happening.
In conclusion, it can be seen that work plays an integral role in our societies as it helps build civilizations and provide meaningful lives for individuals and their families through specialization and trade enabled by money or currency used as a medium of exchange between two parties involved. Sadly, economic downturns have resulted in many layoffs where wages no longer reflect productivity due to various reasons such as cost-cutting measures or technological advancements reducing demand for labor in certain industries.