• This opinion editorial by Jimmy Song discusses how labor is essential for a functioning market and how it builds civilization.
• The article points to the current massive layoffs as a sign that the basic equation of work is not working.
• It blames fiat money for this issue and highlights the importance of specialization in the workforce.
Work Is Essential
Labor is what takes a harsh, brutist and difficult world and turns it into a livable, enjoyable and even meaningful place. Work is how we contribute to our civilization, our communities and, of course, our families. Work in a normal, functioning market provides value. Our collective work is what builds everything around us, from the buildings we live in, to the roads that we travel on, the computers we type on, the electricity that we use, and pretty much everything else.
Fiat Money’s Fault
The output of our labor should result in money but this does not seem to be happening anymore due to fiat money’s fault according to Jimmy Song. Massive layoffs are occurring all over the economy with no explanation as to why people are being let go yet things still function as normal.
Specialization
Money allows us to specialize in what we’re good at rather than trying to do everything ourselves – such as fishermen not making their own shoes or cobblers not catching their own fish – which contributes significantly towards building up civilization. People optimize for value provided per time worked while minimizing unpleasantness of tasks; however there are some jobs that pay well but people find them unpleasant so they don’t take them up thus driving wages up further.
Conclusion
In conclusion, this opinion editorial explains how work contributes greatly towards building civilizations but due to fiat money’s fault work doesn’t seem to have its rightful reward anymore – resulting in massive layoffs all over the economy leading people unable to provide value feeling helpless. Specialization helps build up civilizations but it also means that some jobs get left out because they are deemed too unpleasant thus increasing wages further more than necessary making it harder for those who can provide value but aren’t getting compensated fairly enough for their labour .