Freakonomics Radio 599. The World's Most Valuable Unused Resource
67 snips
Aug 1, 2024 
Andrew Yang, an entrepreneur and former presidential candidate advocating for universal basic income, joins Al Roth, a Nobel Prize-winning economist known for his work in market design. They discuss the untapped potential of human hours, exploring time banking as a way to foster community and reshape economic systems. The duo examines how such innovative currencies can alleviate isolation and promote engagement, while also addressing the challenges of valuing time as a commodity in the economy.
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Time Banking Basics
- Time banking, also known as time dollars or human dollars, is a system where people exchange time as a measure of value.
- This creates a parallel, human-centered economy alongside the traditional monetary system.
Time Banking Example
- Andrew Yang gives an example of tutoring kids in math and reading in exchange for home-cooked meals.
- This illustrates how time banking facilitates direct exchange of skills and services within a community.
Money's Miracle
- Al Roth highlights the remarkable success of money as a market design invention.
- He emphasizes its efficiency in mediating complex transactions and its established infrastructure.
