Robotics and computerization impact on definition of money

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r58black's picture
r58black
Status: Member (Offline)
Joined: Feb 12 2010
Posts: 1
Robotics and computerization impact on definition of money

Chris,

I recall that you defined money as a claim on human labor.  How do robotics and computerization affect that definition?

rhare's picture
rhare
Status: Diamond Member (Offline)
Joined: Mar 30 2009
Posts: 1325
Re: Robotics and computerization impact on definition of ...

I would think they have the same impact as any tool.  You have a claim on the labor required to build the tool and produce the materials for the tool then the labor on the use of the tool.  The tools simply redistribute the labor that is involved.  You may also decrease the labor cost of a product/service through the use of the tool - it just means the particular product or service being provided is of less value now relative to other products and services. 

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