There is already a lot of capital communally owned, such as all the expired patents, all the roadways built over hundreds of years, political systems providing stability and private ownership. The world is getting richer and richer faster and faster, not all the wealth being expressed in dollars.
Good point. But this communal type of wealth does little to feed my heir's. For my heir's to be independent of the demand of others requires they master the management of private capital, not rely on community capital accumulated in the past. This is a relatively new skill, in terms of the past few centuries. If you accept that premise, it is then merely a matter of defining one's heirs as one's immediate family, one's tribe, one's nation, or humanity.
The answer is not redistribution of production factors, but the education of newly minted citizens on how to accumulate and put to work savings in the form of capital. I especially liked this paragraph, from another recent post of yours:
If we are guaranteed to live one million years, then a 1% return on investment would see us retired for nearly one million years if we deferred spending for only about the first 100 years. If we just spent all our money when getting it, we'd have to work the whole million years. Which would dishearten a lot of people. The longer the expected lifespan and the more secure the ownership of property, the lower the return on investment for which it makes sense to defer spending.
This clearly shows something I understood, but did not understand entirely- the impact of time in the equation of required returns. This is something GenX/Y and those who follow would do well to 'Grok', or understand fully.
I also agree that selling of services should be a viable part of the future- a means of exchange with society as a whole. I think your contribution of pixels to cyberspace is what we all may aspire to- a gift of service to others born not out of need, but also a gift that returns benefit to oneself/ourselves, though such a return is not explicitly expected. |
