Freakonomics Radio
599. The World's Most Valuable Unused Resource
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.
40:08
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Quick takeaways
- Time banking redefines economic value by facilitating service exchanges based on time, fostering community engagement and social contribution.
- Despite its potential, time banking struggles with recognition and implementation, challenged by practicality and the dominance of traditional monetary systems.
Deep dives
Introduction to Time Banking
Time banking is a concept where individuals exchange services based on time instead of money, creating a human-centered economy that values social contributions. The idea is that people can offer their skills or time for tasks they excel at, accumulating 'human dollars' they can spend on services from others. For example, someone could tutor in math for a few hours, earning credits that allow them to receive a home-cooked meal in return from a skilled cook. This innovative approach to valuing time fosters community and encourages communal interactions, contrasting with our current financialized economy.
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