Who killed “Time is Money?”

“Time is money.”

This declaration attributed to a letter written by Ben Franklin has become one of the philosophical foundations of our modern lifestyle, where the vast population willingly trades one for the other.

The quote however has been taken out of context.

The problem is this:
Money is a renewable resource. Time is not.

Today you have 24 hours. 1440 minutes. 86,400 seconds. Yes that looks like a big number, but its exactly the same number of seconds as everyone else. And at midnight tonight you will have spent everyone of those 86,400 seconds. You can’t save it, stash it, or store it away. You don’t get to choose when you use it, you only get to chose WHAT you use it for.
So for centuries we have been primed to do this strange trade deal where we use our time to service someone with something of greater value that the money we accept in return. We call it a business transaction, and it is expected of anyone in order earn money. It comes in a variety of different formats, but even passive money takes some form of work to set up.

But the time for money paradigm is under threat by its own extraordinary success: a century of rapid technological advances have materialised technologies that are accelerating exponentially making human workers in vast areas of industry obsolete.

So should you panic?

Not yet. I believe it is a good thing.

First of all, the very purpose of industrialisation was to free people from chores, and to create machines that would be at our service. Somehow we have lost focus on the way there and the whole process has become oddly distorted, but ultimately we are succeeding extraordinarily well in creating complex systems that can serve us, and they are only going to get better, more capable, more accessible and more successful.

But you are a human. Should you panic?

Right now the big panic is setting in at the level of global economists, as they begin to understand the dilemma. The writing is already on the wall (and has been for some time) that time can no longer be money.

In a very near future, time will no longer be money. At least not in the conventional way that we have grown up to understand it. The dilemma facing economists – and governments (if and when they wake up to the opportunity) is the decoupling of money from labour, and there are a range of possible an viable solutions already known. In the very near future we will see a transition from our current model to one where the mechanisms of national trade and revenue are underpinned by a largely automated industry – which is also entering a state of flux and profound transformation made possible by the internet of things, “intelligent” data, 3-d printing, microbots and lots of other cool stuff that was once sci-fi.

Should you panic?

No, no you should not panic. But I believe you need to begin thinking what it is that you really, really want to be doing.

Not just as an interest, but at the level of obsession, of passion. You no longer have the luxury of a half-fulfilled life, because almost certainly within your lifetime, and definitely in your kids lifetime, work will be a thing of the past, and a matter of choice, not money. As we are increasingly displaced from our “jobs” by automation – we will finally begin to reap the rewards of a century of rapid technological development. And that is a huge opportunity, but we need to begin to reawaken the dreamer within in order for us to continue our journey. In some places the process will hurt, but overall I believe that it will be a rapid transition, (“creative destruction” for those familiar with the concept) simply because once the death of time is money becomes an inescapable economic reality, it will force the hand of decision-makers to act fast.

Today you have what is left of your 86,400 seconds ahead of you. Some of that time you have already pre-committed. Some of that time will be devoted to biological demands of your body – eating, sleeping, reading FB posts on your smartphone while visiting the outhouse. The balance of that time is at your disposal. Take the batteries out of the TV remote, give a few of those precious seconds over to yourself, some quiet time to imagine stuff, and to reinvent your dreams.

Don’t panic. Dream.

Dream, and let those dreams become blueprints for the life you want.

Over the next few weeks my posts will be about dream and future stuff, the world the way I imagine it, things I expect to happen, things I expect to become possible. Mix those up with your own dreams. and you will discover and imagine new possibilities, and you will want to travel along that path towards them. and you will look forward to the day when you are no longer required at your “job”.

Please share this, and post your thoughts in the comments – I’d love to hear your views and ideas on this.

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