text,start,duration
hello everybody David Shapiro here with,0.24,5.34
a brand new video today's video by,2.7,5.34
popular demand is about post-labor,5.58,6.059
economics what happens when AI changes,8.04,5.759
work forever,11.639,3.901
real quick before we jump into the show,13.799,3.361
I just want to plug my patreon real,15.54,3.9
quick I have a private Discord server,17.16,5.1
for all patreon supporters and I do also,19.44,5.22
have several other Discord servers that,22.26,4.56
I am a part of one is the gato community,24.66,4.08
and the other is the cognitive AI lab,26.82,4.08
Discord which I started at the beginning,28.74,4.68
of my YouTube career so anyways hop on,30.9,3.78
over to patreon if you want to support,33.42,2.639
me get involved in the private,34.68,3.539
conversations I also have a few higher,36.059,4.221
tier slots available where I have,38.219,5.421
exclusive access one-on-ones group Chats,40.28,8.38
on patreon and on um calendly so on with,43.64,6.7
the show,48.66,3.66
in order to talk about post labor,50.34,3.6
economics we need to start by talking,52.32,3.419
about the history of labor-based,53.94,3.48
Economics for the majority of human,55.739,4.621
history human labor and our energetic,57.42,4.619
output the physical force that we can,60.36,3.539
apply on the world has been the biggest,62.039,6.001
driver of productivity this was 100 True,63.899,5.701
for our oldest ancestors,68.04,4.079
hunter-gatherers who had not yet figured,69.6,4.68
out how to harness energy and nature or,72.119,4.5
the energy of animals it became slightly,74.28,6.24
less true for our agrarian ancestors as,76.619,5.881
they started to use draft animals such,80.52,4.86
as Horses and Ox as well as basic,82.5,5.58
machines like water wheels and levers,85.38,4.739
and carts now granted a lever and a cart,88.08,5.219
don't actually add energy to the,90.119,5.04
equation but they do allow you to,93.299,3.901
multiply your own Force,95.159,4.441
the Industrial Revolution happened which,97.2,3.779
of course everyone talks about that,99.6,2.879
because we're in the midst of the fourth,100.979,3.78
Industrial Revolution was primarily,102.479,4.5
about Force amplification or Force,104.759,5.04
multiplication so in other words we,106.979,4.561
started inventing machines that could,109.799,4.261
use thermal energy from various fuel,111.54,5.64
sources such as coal and oil and they,114.06,5.879
were able to Output more energy or more,117.18,5.219
work than we could with just our muscles,119.939,4.921
and certainly more than even large,122.399,3.781
animals could,124.86,3.66
another advantage of machines is that,126.18,4.559
they could metabolize fuel at a far,128.52,5.7
higher rate so say for instance a gallon,130.739,6.0
of gasoline a gallon of gasoline has,134.22,5.519
about 31 000 calories of energy in it,136.739,5.781
which is about how much I eat in 10 days,139.739,5.64
but a large machine can use that gallon,142.52,5.32
of gasoline in a matter of minutes or,145.379,4.141
hours depending on what that machine is,147.84,4.14
doing such as if it's a large tractor or,149.52,4.74
combine that's being used to manage a,151.98,5.28
farm for instance and so not just a mat,154.26,5.699
the amount of work that can be done but,157.26,5.0
the amount of energy that can be used,159.959,6.06
was the big game changing factor for the,162.26,6.759
Industrial Revolution but as everyone,166.019,4.8
knows a tractor is not particularly,169.019,4.381
smart it pulls something it's not any,170.819,4.381
different than what a human can do or an,173.4,5.28
ox it's just bigger faster and stronger,175.2,7.44
so that is where uh the industrial,178.68,6.36
Revelation Revolution sorry Revelation,182.64,5.22
the Industrial Revolution changed,185.04,4.979
labor-based Econo economics but you,187.86,3.84
still needed an intelligent human,190.019,4.201
driving that tractor,191.7,5.28
now the industrial revolution of course,194.22,5.879
is a Marvel of mechanical engineering,196.98,6.36
metal metal Sciences electronics and so,200.099,5.401
on but one thing that we need to point,203.34,4.8
out that is critical is that it all,205.5,5.34
still comes down to the application and,208.14,4.679
use of energy,210.84,4.8
so human population growth over the last,212.819,5.64
two centuries has been tied directly to,215.64,5.04
the amount of energy we had access to,218.459,4.801
because that also is directly correlated,220.68,4.559
to the amount of food we can produce the,223.26,4.619
amount of water we can um transport and,225.239,5.78
clean and drink and so,227.879,6.72
basically uh what I want to do here is,231.019,7.061
point out that yes labor is about what,234.599,5.22
humans can do with our hands our bodies,238.08,3.299
and what we can do with the use of,239.819,4.621
machines but we're also still completely,241.379,6.78
dependent upon the underlying sources of,244.44,5.46
energy so this is an important thing to,248.159,4.14
keep in mind,249.9,5.64
in the long history of labor and moving,252.299,5.22
up through to today there's a few basic,255.54,4.08
kinds of Labor and of course I'm not,257.519,3.96
going to get into every little Nuance or,259.62,5.4
detail but there's three overarching,261.479,6.241
categories of Labor so first is manual,265.02,5.28
unskilled labor this includes moving,267.72,6.24
heavy things using your hands and body,270.3,6.24
uh that doesn't basically something that,273.96,4.32
you can pick up in an afternoon,276.54,3.48
so for instance one of the jobs that I,278.28,3.72
had when I was much younger was I was,280.02,4.44
restocking the shelves at a pet store at,282.0,4.44
night didn't take a whole lot of brains,284.46,4.14
took a lot of muscles moving heavy,286.44,4.8
things put here you know object a in,288.6,4.44
place B repeat,291.24,4.26
then the next level above that is,293.04,5.4
skilled labor so this is crafts such as,295.5,4.199
carpentry,298.44,4.44
um electrical work Plumbing that sort of,299.699,5.581
thing this also could include uh,302.88,3.78
hospitality and food service because,305.28,3.06
it's still very kinetic it's still very,306.66,3.96
much oriented in your body but these are,308.34,4.26
things that require training some of,310.62,5.22
them require certification but they one,312.6,5.099
thing that they all almost always have,315.84,4.56
in common is that it requires you to use,317.699,5.28
tools and materials when you're doing,320.4,6.9
skilled labor now there are jobs such as,322.979,6.361
being a doctor or a nurse that are also,327.3,5.76
very kinetic but those uh require years,329.34,5.82
and years and years of training and,333.06,4.38
certification and so those,335.16,4.74
um while they are still embodied work,337.44,4.38
um they are still professions or,339.9,4.68
knowledge work and so then that leads to,341.82,5.34
the third category which is professional,344.58,5.04
labor or knowledge work which includes,347.16,4.259
things like Architects lawyers doctors,349.62,3.72
things that you do on computers even,351.419,3.78
being an influencer technically could be,353.34,3.799
considered a profession,355.199,4.261
depending on the kind of influencer you,357.139,5.261
are right but one rule of thumb is that,359.46,5.459
you do it in a desk or in an office or,362.4,4.019
in front of a computer and again this is,364.919,3.72
not always true key example being,366.419,4.981
medical professionals who many of whom,368.639,5.221
interact with people all day every day,371.4,4.139
and it requires a tremendous amount of,373.86,5.52
training excuse me ditto for uh for uh,375.539,6.061
trial lawyers right trial lawyers have,379.38,3.9
to do a lot of office work but they also,381.6,3.9
have to go to trial to go to court,383.28,5.4
before judges and so on magistrates,385.5,5.4
so one thing that I need to point out,388.68,3.959
though is that we have transitioned,390.9,4.079
largely from a unskilled labor and,392.639,3.9
skilled labor economy to a,394.979,3.06
knowledge-based economy or a,396.539,3.6
services-based economy,398.039,4.741
so this is one of my favorite graphs of,400.139,4.741
all time and many people are shocked,402.78,4.56
when I tell them about this so there's a,404.88,4.74
few things to unpack here so there's a,407.34,4.859
couple of trend lines this solid green,409.62,5.46
trend line is the agricultural uh share,412.199,6.06
of total employment so basically what,415.08,7.559
has happened is that as uh as time has,418.259,8.041
progressed the number of farm jobs has,422.639,7.5
collapsed to around two percent of total,426.3,6.54
employment and it was much much much,430.139,6.0
higher this was if I'm reading this,432.84,4.979
correctly I believe it was over 30,436.139,4.741
percent just over 100 years ago so from,437.819,5.28
30 percent of jobs were farm jobs to,440.88,4.8
around two percent and then this dotted,443.099,4.981
green axis is non-agricultural,445.68,3.66
employment,448.08,3.6
the left axis,449.34,4.02
um all right right Axis so that's this,451.68,5.1
is percentage yes and then the left axis,453.36,8.1
is over here so the total uh number of,456.78,7.44
employees that were not uh Farm,461.46,6.06
employees has gone up from around 20,464.22,4.979
million now also keep in mind that the,467.52,3.119
population was growing at the same time,469.199,4.741
but from 20 million to over 140 million,470.639,5.721
non-farm jobs and then finally,473.94,4.86
agriculture employment,476.36,5.399
um has collapsed from around,478.8,6.239
uh let's say about 10 to 12 million jobs,481.759,6.521
total to almost non-existent in terms of,485.039,6.421
total number of employees so this shows,488.28,6.6
how just a single sector farming has,491.46,5.6
completely been changed over the years,494.88,4.499
largely just due to Industrial,497.06,6.12
Automation through tractors combines and,499.379,6.841
economies of scale with mechanized,503.18,5.199
farming and this is just one sector so,506.22,5.159
what people are hoping is that,508.379,5.701
today all the service jobs that we all,511.379,5.04
hate all the all the BS jobs the desk,514.08,4.199
jobs that we hate today are going to,516.419,4.081
follow this trend line the way that,518.279,4.26
Farms have jobs have gone but then,520.5,3.419
there's going to be entirely new,522.539,3.121
categories of jobs,523.919,5.04
that come up now as many of you know I'm,525.66,5.1
rather skeptical of this,528.959,3.781
um certainly it would be an interesting,530.76,4.259
future if there's entirely if there's,532.74,3.9
millions and millions or even billions,535.019,4.921
of new jobs created by AI I am skeptical,536.64,4.92
that this is going to be the outcome and,539.94,4.14
let me tell you why,541.56,4.92
knowledge work or service sector jobs,544.08,5.64
are uh rooted in what's called cognitive,546.48,7.02
labor or knowledge work so as farm jobs,549.72,6.36
have been crashing knowledge work has,553.5,5.22
been rising so the majority of work,556.08,5.4
today is knowledge work or cognitive,558.72,6.679
labor this could also be argue arguably,561.48,6.66
included emotional labor so emotional,565.399,4.961
labor is a form of cognitive labor that,568.14,3.6
is more common in nurturing and,570.36,3.24
caregiving roles,571.74,4.94
tools like chat GPT and its successors,573.6,6.419
are going to continue to invade the,576.68,6.339
domain of cognitive labor so we've,580.019,5.82
already seen some examples of chat GPT,583.019,5.101
used for tutoring used for medical,585.839,4.641
advice used for relationship advice,588.12,5.58
people have even automated companies you,590.48,6.76
know the automatic CEO thing so it is,593.7,6.0
pretty obvious to everyone by now that,597.24,5.82
these models that chat GPT gpt4 and so,599.7,6.54
on are capable of cognitive labor it,603.06,4.98
would be pretty silly to assume that,606.24,4.92
this does not continue so that leaves,608.04,6.0
physical labor skilled labor unskilled,611.16,5.4
labor and cognitive later labor but if,614.04,4.799
AI is invading cognitive labor first,616.56,5.219
what are we gonna do,618.839,6.901
we go back to manual labor do we all,621.779,6.06
pick up arts and crafts and others,625.74,4.32
semi-skilled and skilled labor,627.839,4.921
you know it's not necessarily what I,630.06,3.779
want to do,632.76,5.519
right if there is a a future state where,633.839,8.18
I'm not going to get paid by anyone but,638.279,6.421
an AI is going to come through and you,642.019,4.361
know basically take my YouTube gig from,644.7,4.02
me right like I don't want to go back to,646.38,4.68
shoveling dirt and anyways there's,648.72,3.54
machines that are better at it than,651.06,3.42
humans so why would I do that so when,652.26,3.66
you when you look at those three,654.48,3.599
categories skilled unskilled and,655.92,4.5
cognitive labor and you say okay well,658.079,4.081
machines are better stronger and faster,660.42,3.84
and cheaper at all of those than humans,662.16,4.32
and they're only getting better that,664.26,3.66
leaves the question what are we going to,666.48,4.44
do so as I was trying to figure out like,667.92,5.76
just trying to find a way to do this,670.92,5.52
it occurred to me that looking at this,673.68,5.7
from supply side or capability of AI,676.44,5.28
versus Humans might not be the right way,679.38,4.68
to look at it so there's the other way,681.72,5.4
to look at it is demand side so what,684.06,5.7
kind of jobs will people demand or want,687.12,5.159
humans to have specifically,689.76,5.639
in many cases you might want a you might,692.279,5.521
always prefer to have a human doing,695.399,4.861
something like Child Care Hospitality,697.8,5.219
sorry hospitality jobs and other,700.26,4.8
performance oriented things such as,703.019,4.081
influencers right I don't know about you,705.06,4.62
but every time I find a video that has,707.1,5.1
you know an AI face AI voice,709.68,5.279
I click off of it I don't want you know,712.2,5.1
smoke and mirror I don't want to be,714.959,4.44
lectured at by a sock puppet I want to,717.3,4.979
see a real human I want to see their uh,719.399,5.401
facial expression their intonation and I,722.279,3.841
want to develop a parasocial,724.8,2.7
relationship with the people that I,726.12,2.94
follow and so a parasocial relationship,727.5,3.899
is what most of you have with me where,729.06,5.399
you have in your mind a model of me and,731.399,5.581
like you kind of understand where I'm,734.459,5.341
coming from right uh even though I might,736.98,4.74
not know necessarily know all of you I,739.8,3.779
in fact I don't know most of you,741.72,5.4
but the uh the desire for that,743.579,5.76
parasocial relationship for that,747.12,3.779
um that that connection that human,749.339,3.841
connection is something that I suspect,750.899,4.5
that most humans are gonna want no,753.18,4.08
matter how good AI gets now that being,755.399,3.721
said there are probably going to be,757.26,3.0
people that are like you know what I,759.12,2.7
don't really care about people I you,760.26,2.699
know just give me the information just,761.82,4.38
give me the entertainment that's fine,762.959,5.761
so this leads one final question will,766.2,4.8
there be enough of those human exclusive,768.72,5.1
jobs to go around I don't think there,771.0,6.12
will be uh sure we might be able to have,773.82,4.98
some Back to Basics moments where it's,777.12,3.839
like oh hey you know maybe we can spend,778.8,3.779
more time with our families maybe we can,780.959,2.94
spend more time with child care and,782.579,3.781
education that's not enough to drive the,783.899,4.44
whole economy and it's certainly not,786.36,3.779
enough I don't think for everyone to,788.339,4.44
have a meaningful career especially if,790.139,4.32
your interests lie elsewhere that just,792.779,3.12
doesn't sound good,794.459,2.88
so,795.899,4.68
now I will introduce you to what I call,797.339,6.24
Post labor economics and I apologize for,800.579,6.541
the wall of text on this uh slide but I,803.579,5.281
figured just a list you can pause it and,807.12,3.659
read it in much greater detail if you'd,808.86,3.96
like but I'll just go uh just read the,810.779,3.961
bullet points at the high level so,812.82,4.199
automation dominance this is the idea,814.74,4.14
that Automation in the form of Robotics,817.019,4.021
Ai and other kinds of automation is,818.88,3.72
going to take over including for,821.04,3.419
cognitive labor,822.6,4.02
the second aspect of post-labor,824.459,4.261
Economics is the decreased economic,826.62,5.1
value of human labor basically humans,828.72,4.679
can't compete on an economic scale to,831.72,3.419
tractors why do you expect that humans,833.399,3.12
are going to get be able to compete on,835.139,3.841
an economic scale to AI as its,836.519,3.961
intelligence ramps up,838.98,4.56
number three another criteria or uh,840.48,4.74
characteristic of post-labor Economics,843.54,3.359
is that we will probably see,845.22,3.66
redistributive policies so,846.899,4.38
redistribution is not necessarily a,848.88,3.959
collective ownership I'm not advocating,851.279,3.601
for socialism basically all I'm,852.839,4.021
advocating for is some form of universal,854.88,4.5
basic income or reverse income tax or,856.86,3.779
that kind of thing,859.38,4.139
or negative income tax sorry ownership,860.639,5.88
shifts so this is where this is the,863.519,4.56
closest thing to Socialism or Marxism,866.519,3.601
that I will ever talk about,868.079,4.38
um because I I do not believe in central,870.12,4.56
management of the economy I don't think,872.459,4.021
that it's a good idea,874.68,4.02
um I do believe in kind of the wisdom of,876.48,5.4
of Market forces but what I do,878.7,5.939
anticipate is that the ownership class,881.88,4.8
might shift and we might shift more,884.639,4.621
towards decentralized ownership models,886.68,4.32
or Collective ownership models such as,889.26,3.78
co-ops and this is not something that I,891.0,3.42
invented these are things that exist,893.04,5.159
today but with the aid of AI it might be,894.42,6.06
easier for ordinary people to band,898.199,4.82
together to collectively buy,900.48,4.62
resources property and other capital,903.019,4.421
goods that allow them to be to,905.1,4.76
participate in the means of production,907.44,4.56
now I'm not going to say that this is,909.86,3.339
going to totally replace all,912.0,4.38
corporations but if we can stick The,913.199,4.44
Landing with Technologies like,916.38,3.18
blockchain and decentralized autonomous,917.639,3.0
organizations,919.56,3.92
then we can have expert you know AI CEOs,920.639,6.0
managing our resources for us another,923.48,6.88
component of post labor economics I,926.639,6.06
suspect will be price deflation and so,930.36,4.919
what I mean by this is that,932.699,4.981
as AI gets better at producing more,935.279,4.68
goods and services the marginal cost of,937.68,3.839
those goods and services is going to,939.959,3.0
collapse and it's not all goods and,941.519,3.541
services some things are going to remain,942.959,4.141
expensive or at least more expensive,945.06,3.719
than others but other things are going,947.1,3.06
to get very very cheap and I'll go into,948.779,4.081
some details in just a moment we're also,950.16,4.799
going to need new economic indicators so,952.86,5.219
what I mean by this is that GDP sorry,954.959,5.221
GDP and employment rates I tried to say,958.079,4.041
both of those at the same time,960.18,3.959
unemployment rates are not going to be,962.12,4.12
quite as meaningful in the future as,964.139,4.861
they are today right now total,966.24,4.44
employment and unemployment rates are,969.0,3.06
really important indicators for how well,970.68,3.719
the economy is doing but in a post-labor,972.06,4.92
economy employment rate won't matter as,974.399,5.101
much so we might need other other,976.98,4.56
metrics in order to measure how well the,979.5,4.68
economy is doing there's probably also,981.54,3.9
going to be changes in consumption,984.18,2.339
patterns,985.44,3.0
so for instance we're going to have more,986.519,4.081
Leisure Time and less requirement to,988.44,4.199
work and so that means that we'll,990.6,5.94
probably change where we live how we eat,992.639,6.301
um access to other services like,996.54,5.099
healthcare will probably decline because,998.94,4.759
we'll be living healthier lives I hope,1001.639,5.88
uh and so on and so forth uh one of the,1003.699,5.44
toughest nuts to crack is actually going,1007.519,3.841
to be item number eight here which is,1009.139,4.021
reshaping our identity and self-worth,1011.36,3.839
and we have actually a few slides,1013.16,4.26
dedicated to this coming right up and,1015.199,4.621
then finally number nine is regulatory,1017.42,5.58
changes that will basically have to be,1019.82,6.78
addressed as we transition from a human,1023.0,5.76
labor economy to a post-labor economy,1026.6,4.62
okay so let's unpack these,1028.76,4.86
I mentioned the ownership of production,1031.22,5.699
so this basic question is who owns the,1033.62,5.699
machines who owns the the means of,1036.919,5.64
production so if things continue the way,1039.319,5.401
that they are we run the risk of,1042.559,4.02
continued trends of capital,1044.72,4.38
concentration and or regulatory capture,1046.579,3.961
so regulatory capture is what everyone,1049.1,5.04
is afraid of with companies calling for,1050.54,6.06
regulation of AI because it's like okay,1054.14,5.1
well if only a few players are allowed,1056.6,5.699
to participate then by virtue of,1059.24,5.52
everyone else getting regulated out of,1062.299,4.321
existence only the top players are,1064.76,3.779
allowed to play that would probably be,1066.62,5.64
problematic for the rest of us now as I,1068.539,5.401
mentioned I'm not going to advocate for,1072.26,3.6
Marxism or Socialism or anything like,1073.94,3.0
that I'm not saying that we should,1075.86,2.34
collectively seize the means of,1076.94,3.479
production uh the reason being that,1078.2,4.08
market forces still work in centralized,1080.419,4.14
management uh pretty much never works at,1082.28,6.36
least not a full-scale national levels,1084.559,6.48
uh we will need more sophisticated,1088.64,7.02
models of uh ownership than exists today,1091.039,6.661
so for instance,1095.66,4.259
um you know as I mentioned uh co-ops,1097.7,3.479
Collective ownerships I've got a few,1099.919,3.541
examples in the next slide I believe but,1101.179,4.5
otherwise if corporate payrolls shrink,1103.46,5.16
and many of us lose jobs how then are we,1105.679,5.041
going to redistribute uh the the,1108.62,4.62
benefits obtained by the Technologies,1110.72,5.04
who's going to reap the rewards,1113.24,6.299
so one component of that is robust,1115.76,5.12
redistribution,1119.539,4.561
so whether or not we change ownership,1120.88,5.5
because obviously many people will still,1124.1,4.62
kind of have the idea of the value of,1126.38,3.96
private property and that sort of thing,1128.72,3.3
and certainly I think that private,1130.34,3.6
property is going to exist that being,1132.02,3.36
said not everyone is going to be a,1133.94,3.18
landowner right not everyone is going to,1135.38,4.5
own a robot Factory or or anything like,1137.12,5.7
that so we're going to need to have some,1139.88,5.82
kind of robust redistribution policy,1142.82,4.92
so that could come in the form of,1145.7,3.599
universal basic income or more,1147.74,4.38
sophisticated models and I always liken,1149.299,5.941
it to a hydrological cycle so money like,1152.12,5.34
water tends to flow towards some kind of,1155.24,5.58
accumulator now in our world those,1157.46,5.64
accumulators tend to be Federal,1160.82,4.62
governments and the capitalist class in,1163.1,5.64
form of shareholders and corporations so,1165.44,5.76
money tends to flow in those two polar,1168.74,4.86
directions and so then redistribution,1171.2,5.339
comes in the form of uh you know,1173.6,4.86
government handouts government subsidies,1176.539,4.321
that sort of thing and taxes right some,1178.46,3.719
being skimmed off the top of,1180.86,3.48
corporations in order to go to the,1182.179,3.961
government and then to be redistributed,1184.34,4.92
so the idea here is then you need a,1186.14,6.539
policy that uh basically makes it rain,1189.26,5.82
right you want it to rain a certain,1192.679,4.38
amount in every region and you want it,1195.08,4.74
to rain fairly you don't want too much,1197.059,4.381
rain because that's inflation and that's,1199.82,2.94
bad and you don't want too little rain,1201.44,3.0
because that's deflation and that's also,1202.76,4.26
bad so the idea is that these future,1204.44,5.099
redistributive policies need to,1207.02,5.36
distribute the the money like the water,1209.539,6.901
evenly fairly and uh in a controlled,1212.38,6.82
policy so this is uh not exactly your,1216.44,5.52
grandpa's trickle-down economics Theory,1219.2,4.8
uh I mentioned Collective ownership and,1221.96,3.78
there are a few examples of collective,1224.0,3.48
ownership out there now granted none of,1225.74,3.48
these are global scale but we've got a,1227.48,3.24
long time before we need to worry about,1229.22,4.079
global scale redistribution some of them,1230.72,5.04
are national scale uh which is a good,1233.299,3.721
thing but of course,1235.76,3.84
um Norway is not as big as America,1237.02,5.94
uh so there's a few examples so one is,1239.6,5.28
the Alaska Permanent Fund which is,1242.96,3.719
basically that uh pretty much every,1244.88,5.159
every Alaskan gets a annual check for,1246.679,5.041
Collective ownership of the oil reserves,1250.039,2.701
in Alaska,1251.72,3.06
the Norwegian Sovereign wealth fund,1252.74,3.66
pretty much the same thing but for all,1254.78,4.5
citizens of Norway and it is a trust,1256.4,4.26
fund that is used to fund public,1259.28,4.86
services and it is funded by their oil,1260.66,6.12
reserves the mon Dragon Corporation is,1264.14,4.5
an owner-operated Corporation in Spain,1266.78,4.62
and then the Green Bay Packers are uh,1268.64,5.58
NFL team that is unique among the NFL,1271.4,5.82
that is collectively owned by 360,1274.22,4.56
000 shareholders,1277.22,4.26
so on the topic of collective ownership,1278.78,4.98
and redistribution Sam Altman does want,1281.48,5.699
to do something uh in in line of this,1283.76,6.0
basically saying if openai owns the,1287.179,6.36
means of production AKA gbt4 5 6 and 7,1289.76,5.76
and whatever other Downstream models,1293.539,4.62
they come up with he has explicitly said,1295.52,4.5
that he wants to kind of create a trust,1298.159,4.321
fund of sorts that is then used to,1300.02,4.86
distribute that uh that surplus of,1302.48,5.4
wealth and this is part of one of his,1304.88,6.12
ideas which is World coin now what I,1307.88,5.52
will say is that I'm not sure that this,1311.0,4.32
entire project should be piloted and,1313.4,5.279
mediated by a Silicon Valley CEO Silicon,1315.32,5.219
Valley CEOs don't exactly have a good,1318.679,5.101
track record in terms of being fair and,1320.539,5.041
not allowing power to corrupt them over,1323.78,4.259
time now this is not a personal,1325.58,4.5
indictment of Sam Altman I very much,1328.039,4.38
often agree with what he says but that,1330.08,4.62
being said he is in a position of a lot,1332.419,4.561
of privilege and power and so therefore,1334.7,3.9
should be scrutinized there should we,1336.98,3.6
should should engage with a healthy,1338.6,3.84
level of skepticism and I have a feeling,1340.58,3.12
that he would invite that healthy,1342.44,4.14
skepticism as well but again I don't,1343.7,5.099
disagree with the sentiment were I in,1346.58,4.14
his place I would probably be trying to,1348.799,4.021
do the same exact thing,1350.72,4.02
um but again actions speak louder than,1352.82,4.62
words so another thing is that,1354.74,4.38
Collective ownership doesn't necessarily,1357.44,4.44
have to happen on a national scale or a,1359.12,5.939
state scale it can happen on uh local,1361.88,5.22
scales and does in the form of land,1365.059,4.141
trusts so there are plenty of examples,1367.1,3.78
of collective ownership that exists,1369.2,2.88
today,1370.88,6.44
now one thing that is uh kind of the,1372.08,9.06
primary let's say primary complaint that,1377.32,5.88
I get when I talk about redistributive,1381.14,4.5
policies such as universal basic income,1383.2,4.92
which is what about inflation,1385.64,7.26
so there is some some Merit to this idea,1388.12,7.6
so redistribution such as universal,1392.9,6.0
basic income can actually be a force for,1395.72,6.12
inflation we did see a small but not,1398.9,5.22
negligible effect from the stimulus,1401.84,5.52
checks here in America that caused some,1404.12,4.82
of the inflation now I will say that,1407.36,3.72
aggregate supply and aggregate demand,1408.94,5.32
and other supply chain issues are far,1411.08,4.68
larger effects of the current,1414.26,3.659
inflationary uh Paradigm that we're,1415.76,4.02
seeing that being said the stimulus,1417.919,4.14
checks did cause some inflation because,1419.78,5.519
they uh created higher aggregate demand,1422.059,4.98
which is basically that consumers,1425.299,3.24
overall have more money to spend,1427.039,4.14
therefore prices go up another thing,1428.539,4.981
that can drive inflation is inelastic,1431.179,5.701
supply so as Global wealth goes up due,1433.52,6.659
to AI as more productivity goes up and,1436.88,6.179
demand goes up broadly there are going,1440.179,4.801
to be goods and services and other,1443.059,4.381
supplies that do not scale,1444.98,4.8
so for instance one of the most limited,1447.44,4.38
resources on the planet is Rare Minerals,1449.78,4.86
like lithium and Cobalt no amount of AI,1451.82,4.44
is going to make there be more Ai and,1454.64,3.539
Cobalt unless of course it can dig,1456.26,4.62
deeper into the Earth's crust or go to,1458.179,4.921
saddle asteroids and mine them there,1460.88,4.26
which is entirely possible I did mention,1463.1,4.319
that in a previous video as one of the,1465.14,4.2
possible solutions to Mineral scarcity,1467.419,3.961
that being said there's only ever going,1469.34,3.9
to be so much desirable beachfront,1471.38,4.08
property in Monaco right,1473.24,4.08
um so there's there's going to be some,1475.46,3.719
kind of scarcity that we cannot overcome,1477.32,4.14
no matter how much cognitive Surplus,1479.179,5.541
that we have now all that being said,1481.46,5.699
there will be some inflationary,1484.72,4.48
pressures that we can't really get rid,1487.159,4.981
of but I think that in the long run they,1489.2,5.52
are going to be offset by and large by,1492.14,4.32
some really profound and strong,1494.72,3.6
deflationary pressures,1496.46,4.02
so for instance a deflationary pressure,1498.32,5.4
is something that lowers prices so the,1500.48,5.699
job loss that I am anticipating from AI,1503.72,5.1
is going to reduce consumer demand until,1506.179,5.341
that is somehow fixed or replaced,1508.82,6.9
because with job losses people are going,1511.52,6.06
to hoard their money A little bit more,1515.72,4.8
we saw this happen during the pandemic,1517.58,5.94
for instance where people spent a lot,1520.52,5.1
less money because it was a time of,1523.52,5.279
uncertainty if you lose your job as many,1525.62,4.86
people in some of the communities that,1528.799,3.961
I'm a part of have been laid off as part,1530.48,4.199
of the tech layoffs they don't know if,1532.76,3.24
or when they're ever going to get a job,1534.679,3.561
again,1536.0,2.24
like that's a pretty profound thing so,1538.4,4.379
job loss results in deflationary,1540.44,3.78
pressure because people are spending,1542.779,3.661
money less and driving demand down in,1544.22,3.54
fact one of the things that my wife and,1546.44,2.52
I are doing is we're going to be,1547.76,3.539
downsizing right rather than having a,1548.96,3.599
house payment we're going to move to a,1551.299,4.141
smaller house that we can fully pay off,1552.559,4.561
Market saturation is another,1555.44,3.9
deflationary pressure so for instance I,1557.12,3.72
did mention earlier that some goods and,1559.34,3.839
services will continue to go down in,1560.84,5.339
price one personal example that I have,1563.179,5.581
is that the first time I had my novel,1566.179,5.1
professionally edited I spent Seventeen,1568.76,4.5
hundred dollars to have a world-class,1571.279,4.081
professional editor take a look at my,1573.26,3.36
novel,1575.36,4.86
after I got that feedback uh from her I,1576.62,6.36
then not long after that I got access to,1580.22,5.64
gpt4 which has a much larger context,1582.98,5.16
window and I was able to uh pretty much,1585.86,4.98
get developmental feedback or um or line,1588.14,6.0
editing feedback on the entire thing for,1590.84,9.06
less than 17 twice so that is a 100x,1594.14,9.779
drop in price and it's really difficult,1599.9,6.06
for people to wrap their heads around,1603.919,4.5
the possibility that many goods and,1605.96,4.86
services are going to be a thousand X,1608.419,5.281
cheaper or 10 000 X cheaper in the,1610.82,6.12
coming years so this downward pressure,1613.7,7.2
due to the the abundance of AI is going,1616.94,5.46
to be something that is kind of like a,1620.9,3.72
default raise for everyone if it works,1622.4,4.62
out that way so in the case of medicine,1624.62,4.559
or the total cost of Health Care in,1627.02,5.539
America is 4.3 trillion dollars per year,1629.179,5.761
imagine if,1632.559,5.62
within a few years AI is able to reduce,1634.94,5.219
the total cost of Health Care in America,1638.179,4.38
by a factor of a hundred,1640.159,4.321
I know that this sounds completely,1642.559,4.021
ludicrous and it probably will take a,1644.48,3.299
little bit longer than a few years,1646.58,2.82
because the medical establishment is,1647.779,5.041
very slow very onerous and does not is,1649.4,6.36
very resistant to change but imagine if,1652.82,5.76
your health care costs whatever they,1655.76,4.68
were last year if you spend you know a,1658.58,3.18
few hundred dollars on a couple,1660.44,2.88
medications and one trip to the doctor,1661.76,3.48
or if you have chronic conditions that,1663.32,3.479
require a lot of medications and a lot,1665.24,3.419
of tests and you spend you know five,1666.799,4.081
thousand dollars imagine if you only had,1668.659,4.38
to spend fifty dollars last year instead,1670.88,4.74
of five thousand and that's not with uh,1673.039,5.76
with you know socialist policies or,1675.62,4.799
um or single-payer systems where the,1678.799,3.12
government foots the bill I'm talking,1680.419,3.061
about the actual cost of Health Care,1681.919,4.86
could collapse that much in the long run,1683.48,5.939
due to Ai and so that is a tremendous,1686.779,4.321
deflationary pressure so basically,1689.419,3.961
deflation means that your dollar goes,1691.1,5.28
much farther another thing to consider,1693.38,5.88
is that in many cases there are elastic,1696.38,5.399
supplies so imagine the knock-on effects,1699.26,4.039
of AI,1701.779,5.221
enhancing everything from Supply chains,1703.299,6.101
at every level reducing the need for,1707.0,4.679
middlemen reducing the need for humans,1709.4,3.779
and human labor which is really,1711.679,3.36
expensive so all the goods and services,1713.179,4.201
that you get even if an AI is not,1715.039,5.341
directly used in creating that final,1717.38,5.279
good or service it's still going to help,1720.38,4.22
the entire process,1722.659,5.88
which means that the entire economy is,1724.6,5.559
going to be a lot more elastic which,1728.539,4.74
will also drive down prices,1730.159,6.12
now we get to the hardest part of all of,1733.279,5.041
this the rest I think is going to happen,1736.279,4.681
no matter what we do right there is just,1738.32,5.16
so much economic incentive to drive down,1740.96,4.62
prices because that's what capitalism,1743.48,4.439
does right it seeks efficiency when it's,1745.58,4.079
working well it doesn't always work well,1747.919,3.901
so I'll throw I'll throw that caveat out,1749.659,5.041
now that being said the inevitable,1751.82,5.28
conclusion of all this seems to be that,1754.7,4.5
we are going to arrive at a situation,1757.1,5.579
where most of us are going to be looking,1759.2,5.459
in the rear view mirror and say bye job,1762.679,4.38
right like our conventional jobs are,1764.659,4.801
going to go the way of the dinosaurs and,1767.059,4.081
so one of the most common sentiments,1769.46,3.24
that I get and it's always worded,1771.14,4.98
slightly different but the their,1772.7,5.16
permutations of this thing which is I,1776.12,3.12
would rather die than live on government,1777.86,2.58
handouts,1779.24,4.439
this happens more often than not there,1780.44,4.739
are numerous reasons for this feeling,1783.679,3.961
and it is important to consider because,1785.179,5.521
what else is the point of being alive,1787.64,6.36
excuse me so there are cultural reasons,1790.7,7.099
ethical reasons religion spirituality,1794.0,7.08
and even familial history identity,1797.799,4.901
gender Norms,1801.08,3.959
um all kinds of stuff will push people,1802.7,6.839
to identify with their job or to really,1805.039,7.76
value their self-sufficiency right,1809.539,5.541
self-sufficiency rugged individualism,1812.799,5.561
self-reliance that sort of thing these,1815.08,4.9
beliefs come from numerous places,1818.36,3.12
whether it's you know the culture,1819.98,3.84
particularly here in America in many,1821.48,3.96
families like you're not considered a,1823.82,3.839
real man unless you're a provider right,1825.44,4.739
for particularly for men you might,1827.659,4.681
expect yourself and be expected to be,1830.179,4.281
the primary Breadwinner,1832.34,5.16
careers also do a lot for our sense of,1834.46,5.319
purpose our sense of excellence and,1837.5,4.5
confidence a career is a good source of,1839.779,3.78
challenge it's a good way to feel good,1842.0,2.76
about yourself like you've done,1843.559,2.161
something,1844.76,4.139
and then for even people that are not,1845.72,5.76
men Independence is often predicated on,1848.899,4.201
the ability to make ends meet and so,1851.48,4.199
what I mean by this is that if you need,1853.1,5.22
to get away from your family or a toxic,1855.679,4.561
friend group or whatever if you need to,1858.32,3.359
stay out of prison because you need to,1860.24,3.96
stay away you know from the street you,1861.679,4.74
might need that good job and so if you,1864.2,3.599
don't have that good job you might be,1866.419,4.38
forced to back into a bad situation so,1867.799,5.1
there's a lot of reasons that people are,1870.799,4.801
afraid of not having their job,1872.899,5.821
so what I've been able to identify is,1875.6,4.62
that after talking with some of these,1878.72,3.0
people and and thinking through it is,1880.22,5.1
there's two primary threads here one is,1881.72,5.76
what if I can't take care of myself and,1885.32,3.599
the people that I care about that's,1887.48,3.48
really the core fear at least one of,1888.919,6.181
them another one is another core fear is,1890.96,6.48
what if my sense of agency and autonomy,1895.1,5.16
is taken from me what if I am just,1897.44,4.8
subservient to the whims of the,1900.26,4.44
government right,1902.24,6.24
so one of the potential solutions to,1904.7,6.839
this is a concept from ancient Greece,1908.48,5.52
called erete which is Excellence or the,1911.539,3.841
pursuit of Excellence,1914.0,4.02
so in this case,1915.38,4.98
the ability to feel competent about,1918.02,5.1
something in order to feel a sense of,1920.36,6.84
Mastery and challenge this is a um,1923.12,7.86
this is a a social phenomenon,1927.2,6.599
um that was based on social reward and,1930.98,6.179
social incentive even if there was no,1933.799,5.76
Financial reward so what I mean by this,1937.159,6.061
is that uh particularly in uh the elite,1939.559,6.36
classes like aristocracy and capitalist,1943.22,5.339
class and owner class the the individual,1945.919,4.321
behaviors the individual sense of,1948.559,3.48
competence and achievement didn't,1950.24,4.08
necessarily come from a career it came,1952.039,3.901
from other achievements whether they,1954.32,3.239
were academic achievements participating,1955.94,4.619
in public life having a good family so,1957.559,4.98
on and so forth or even independent,1960.559,3.84
competitions right playing Polo and,1962.539,3.601
Yacht racing and all the other stuff,1964.399,3.961
that rich people do for fun and for,1966.14,4.08
challenge you know they do martial arts,1968.36,2.939
they,1970.22,2.699
um they go on adventures and so on and,1971.299,3.961
so forth the acquisition of status,1972.919,5.461
symbols is part of that sense of,1975.26,5.22
Excellence but there are plenty of other,1978.38,5.94
ways to achieve excellence so uh other,1980.48,5.939
aspects of pursuing the pursuit of,1984.32,4.02
Excellence include that Mastery that,1986.419,4.921
social recognition right in many cases,1988.34,6.66
it's a matter of achieving that um that,1991.34,5.4
status in the eyes of the people that,1995.0,3.72
you care about for instance going back,1996.74,4.26
to that idea of being a breadwinner that,1998.72,4.86
head of household recognition the,2001.0,4.919
recognition that you are a good man who,2003.58,4.14
takes care of his family or that you're,2005.919,3.301
a good mother who takes care of his,2007.72,3.179
family or you know whatever it happens,2009.22,6.24
to be there are other ways to Signal,2010.899,7.441
tribal belonging for instance think,2015.46,4.439
about all the guys that go to you know,2018.34,3.839
watch the game together at the bar that,2019.899,3.841
is something that gives them a sense of,2022.179,4.021
belonging and even a sense of Excellence,2023.74,5.4
if your team wins you feel uh like you,2026.2,5.099
have benefited from that confidence,2029.14,4.8
and all of this is possible without a,2031.299,4.74
conventional career now that being said,2033.94,3.959
I will say that it does take time to,2036.039,3.781
adapt I know this personally because I,2037.899,4.02
left my conventional career just earlier,2039.82,3.839
this year and I kind of floundered,2041.919,4.321
around for a while it was weird right,2043.659,4.621
and I still struggled with finding okay,2046.24,4.32
how is it that I can feel productive how,2048.28,4.379
is it that I can feel meaningful and,2050.56,4.26
valuable and so those metrics change,2052.659,4.02
right now it's a matter of how many,2054.82,4.339
views my videos get now it's a matter of,2056.679,4.621
what we talk about when I go to the,2059.159,3.7
meetups that I host and that sort of,2061.3,3.24
thing,2062.859,3.3
um now that being said I will say that,2064.54,3.78
without a conventional career,2066.159,4.68
uh finding something to be proud of,2068.32,6.0
Mastery challenged all of that uh still,2070.839,6.421
exists and it's still a need too,2074.32,6.359
one example is I picked up a Guitar so,2077.26,5.159
when I had my camera moved you probably,2080.679,2.881
saw that I had a guitar in the,2082.419,2.7
background that is a very fancy nice,2083.56,2.88
guitar that I have not yet learned to,2085.119,2.641
use that A friend gave to me many years,2086.44,3.36
ago I got a very simple guitar that has,2087.76,4.8
only three strings to start learning on,2089.8,5.819
um but my point is is that you know one,2092.56,4.98
of my dreams for myself is that I will,2095.619,4.441
one day learn how to play guitar and I,2097.54,4.02
can sit around the campfire and play,2100.06,3.6
guitar and sing with my friends and that,2101.56,3.42
is going to be something that I can,2103.66,3.0
derive a sense of Excellence or a sense,2104.98,3.48
of Mastery from might never get there,2106.66,3.24
because I am,2108.46,6.119
both tone deaf and I have awful timing,2109.9,8.16
so you know uh anyways I wanted to close,2114.579,5.52
this with physical fitness is one of the,2118.06,3.72
most familiar models that people have,2120.099,4.441
with a pursuing Excellence we all know a,2121.78,4.92
bunch of Jim Bros and Gym Rats who,2124.54,4.86
really Bank a lot of their pride and,2126.7,5.399
their ego on looking good and feeling,2129.4,4.98
good and being fit and looking sexy,2132.099,4.441
right that is a model that everyone has,2134.38,4.199
a lot of people do this and it's not for,2136.54,4.14
financial gain it is purely for the,2138.579,4.26
pursuit of excellence and so you take,2140.68,4.2
that gym model and there's all kinds of,2142.839,3.901
other stuff you can do with that a lot,2144.88,3.36
of my friends are Gamers and they and,2146.74,3.119
some of them even game competitively,2148.24,4.5
same exact need being met is you get,2149.859,4.74
that challenge you get the reward of,2152.74,2.94
winning,2154.599,2.941
or otherwise getting recognition for,2155.68,3.36
Your Excellence,2157.54,3.66
now the other part and this is actually,2159.04,4.26
a little bit harder to address is,2161.2,4.86
autonomy self-determination,2163.3,7.319
losing your autonomy is a major cause of,2166.06,7.559
burnout which is true for me you can,2170.619,5.48
check out a video on my other channel,2173.619,4.881
talking about burnout,2176.099,5.081
it's also a cause of rebellion and,2178.5,4.54
despair so in many cases around the,2181.18,4.2
world win Rebellion has happened it is,2183.04,4.92
because the citizenry lost their sense,2185.38,5.82
of autonomy either due to oppression or,2187.96,4.86
just economic collapse and they said,2191.2,3.12
okay we're not really happy with this,2192.82,3.96
we're going to take the power back,2194.32,4.74
so this is a legitimate fear and let me,2196.78,4.2
underscore why,2199.06,4.5
if the jobs go away which I predict they,2200.98,5.4
will then your money goes away and,2203.56,4.98
particularly in America your personal,2206.38,5.16
autonomy is directly tied to your wallet,2208.54,6.42
your financial power is this is and this,2211.54,4.92
is actually an explicit policy of,2214.96,4.32
neoliberal societies is it is it the,2216.46,4.74
freedom in the neoliberal society is,2219.28,3.839
freedom to spend money however you,2221.2,5.879
choose but this has the the uh the dark,2223.119,5.581
side of that is that if you don't have,2227.079,3.301
money you're not free which everyone,2228.7,3.899
knows that in America right this is,2230.38,4.38
something that uh people have said like,2232.599,4.26
oh you know you're only as free as your,2234.76,4.319
dollar right so this is not a new,2236.859,4.201
phenomenon and this is why people are,2239.079,5.04
afraid of AI ultimately taking their,2241.06,6.24
jobs at least one of the reasons,2244.119,4.401
um,2247.3,5.52
this is a very powerful incentive and,2248.52,5.98
I've actually had conversations over,2252.82,3.96
many many years particularly with,2254.5,3.96
conservatives that they say that this is,2256.78,4.079
actually a very deliberate policy in,2258.46,4.56
order to motivate people to work harder,2260.859,4.561
and the idea is that the fear of not,2263.02,4.14
having money and the fear of losing your,2265.42,4.14
freedom is a powerful motivating factor,2267.16,4.32
and of course this is the de facto,2269.56,5.82
policy of America for several decades,2271.48,6.24
um and it's taken even further because,2275.38,4.86
part of that fear part of the part of,2277.72,5.16
the motivating people away from poverty,2280.24,5.339
is that poverty is something to be,2282.88,4.52
ashamed of particularly in America,2285.579,4.681
poverty or being poor is seen as a moral,2287.4,5.08
failing or even a sin that if you're,2290.26,4.319
poor not only do you deserve it but it's,2292.48,4.46
your fault because you're a bad person,2294.579,5.581
and in this case the the more money you,2296.94,4.96
have the more free you are but also the,2300.16,3.54
more virtuous or righteous you are and,2301.9,4.199
this goes back to our Protestant and,2303.7,5.879
Puritan Roots so personal agency or,2306.099,5.221
self-determination or autonomy is,2309.579,4.141
inextricably tied to your financial,2311.32,4.88
power this is a very problematic,2313.72,4.859
mentality and I'm not saying that like,2316.2,4.84
if you feel this way it's it's not your,2318.579,5.101
fault I'm saying that like the fact that,2321.04,5.22
this exists in our Zeitgeist is that's,2323.68,4.98
that's the problem now,2326.26,4.68
with post-labor economics this is my,2328.66,4.8
hope and dream is that with post-labor,2330.94,4.62
economics if optimal redistributions,2333.46,4.26
remember the idea of the rain clouds,2335.56,4.799
dropping rain everywhere if optimal,2337.72,5.04
redistribution is achieved then our,2340.359,6.121
individual autonomy should increase so,2342.76,5.76
what I mean by this is that first,2346.48,4.74
abundance of free time imagine that your,2348.52,4.74
need for for working a day job goes away,2351.22,5.46
so suddenly you have 40 hours of per,2353.26,6.66
week back that's all yours so free time,2356.68,6.84
is one component of autonomy the other,2359.92,5.34
thing is the decrease in cost that we,2363.52,4.5
talk about so if a lot of goods and,2365.26,6.0
services go down in price then whatever,2368.02,6.36
money you do have is actually going to,2371.26,4.68
take you further so basically your,2374.38,3.84
financial power is effectively increased,2375.94,5.94
even if you don't make as much money now,2378.22,6.48
that being said the biggest problem the,2381.88,4.44
elephant in the room for all this is,2384.7,4.02
that trust in the American system is low,2386.32,4.32
the government has a poor track record,2388.72,4.32
of sticking the landing on these kinds,2390.64,4.14
of things and this is not something that,2393.04,3.48
you and I can fix this is something that,2394.78,5.18
the government has to decide to fix,2396.52,3.44
now as we wind down we're getting closer,2400.359,4.381
to the end of the video so,2402.46,5.58
this is kind of for for us nerds uh the,2404.74,5.52
metrologists the matricians who really,2408.04,3.66
want to say okay well how do we measure,2410.26,2.76
this stuff and this is just kind of like,2411.7,4.139
me throwing wet spaghetti at the wall,2413.02,5.88
as I mentioned earlier existing key,2415.839,5.221
performance indicators kpi like labor,2418.9,4.14
force participation rate probably won't,2421.06,4.26
matter as much in the future we're going,2423.04,5.059
to need to measure economic productivity,2425.32,5.279
uh and individual well-being through,2428.099,4.841
entirely different means but this,2430.599,4.621
underscores the the key question which,2432.94,4.34
is what are we trying to optimize for,2435.22,4.98
GDP is a proxy for a lot of other things,2437.28,5.14
but it's also an aggregate number that,2440.2,4.26
is on its own relatively useless just,2442.42,4.62
kind of like how the stock market is an,2444.46,4.86
aggregate number that for you and me on,2447.04,4.92
a day-to-day basis pretty useless,2449.32,5.759
so one idea that I had was a well-being,2451.96,4.94
index which would be based on,2455.079,4.26
self-determination Theory,2456.9,5.26
um and so it would measure a,2459.339,4.321
population's well-being based on,2462.16,4.14
autonomy Mastery or competence and,2463.66,5.4
connection so that would be like how,2466.3,4.319
much free time does everyone have in the,2469.06,5.34
in in your um in your uh Nation how much,2470.619,6.0
Social Mobility do they have in terms of,2474.4,4.439
the ability to live where they want and,2476.619,3.781
go on the vacations that they want to,2478.839,3.78
and take on the leader activities that,2480.4,4.32
they want to so autonomy would be a,2482.619,3.24
really important thing to measure and,2484.72,3.18
try and optimize for Mastery or,2485.859,3.781
competence would be another thing and,2487.9,3.36
that's a much that's a lot harder to,2489.64,3.84
measure in aggregate because for some it,2491.26,3.9
looks different for everyone for some,2493.48,3.48
people Mastery might be getting a third,2495.16,4.56
PhD for other people it might be joining,2496.96,4.44
you know a football league or something,2499.72,3.96
it again it's really difficult to,2501.4,5.04
measure and then finally connection is,2503.68,3.72
the third component of,2506.44,3.659
self-determination Theory or sdt and,2507.4,4.92
connection it can easily be measured by,2510.099,4.081
number of friends that you have amount,2512.32,3.0
of time you spend with friends and,2514.18,3.3
family and that sort of thing,2515.32,6.299
um so uh another uh existing index is,2517.48,5.76
the Ginny coefficient which measures,2521.619,2.941
wealth distribution and wealth,2523.24,3.3
inequality but again that is just a,2524.56,3.84
proxy for other things and that presumes,2526.54,3.78
that wealth solves all other problems,2528.4,4.38
which it certainly helps it solves a lot,2530.32,3.96
of problems but it doesn't solve all,2532.78,4.86
problems another uh potentially valuable,2534.28,5.46
framework in order to create these new,2537.64,4.32
kpi that we might need to optimize for,2539.74,4.5
in post labor economics would be,2541.96,4.8
Maslow's hierarchy of needs is everyone,2544.24,4.02
getting their basic needs met is,2546.76,3.96
everyone getting uh and there's a lot of,2548.26,4.56
overlap between Maslow and sdt so I,2550.72,4.32
don't need to rehash all that,2552.82,4.74
so anyways this was a really powerful,2555.04,4.44
deep dive I hope you got a lot out of it,2557.56,5.18
and thanks for watching,2559.48,3.26