by Fabio Martello & Mary Ramzy
Adam Smith, known as the father of economics, believed that self-interest and competition were two key factors that would guide the economy. Nevertheless, author John Bloom analyzes the social paradox this theory has built in it. He points out that "the shadow side of Smith’s socio-economic theory is created when an individual’s (or corporation’s) self-interest turns to greed and suffers from the condition of 'never-enoughness'"(Bloom 19). As the gap between the rich and the poor widens, and the presence of the middle class seems to diminish, this shadow seems to be growing in size. The author also references to JP Morgan and the Federal Reserve and how they handled the recent economic crisis.
This chapter also focuses on technology and its limitations in being able to solve the world's largest problems. Bloom references the speech Bill Gates gave in 2008 at the World Economic Forum. Gates claims that technology does have immense capabilities to solve problems and to improve the lives of the underprivileged. Nevertheless, he states that "[technological] breakthroughs change lives only where people can afford to buy them – only where there is economic demand. And economic demand is not the same as economic need” (Bloom 20). To support the argument John Bloom uses alternative currencies that use technology to provide a better service, like the TimeBanks, based on time rather than time.
This chapter also focuses on technology and its limitations in being able to solve the world's largest problems. Bloom references the speech Bill Gates gave in 2008 at the World Economic Forum. Gates claims that technology does have immense capabilities to solve problems and to improve the lives of the underprivileged. Nevertheless, he states that "[technological] breakthroughs change lives only where people can afford to buy them – only where there is economic demand. And economic demand is not the same as economic need” (Bloom 20). To support the argument John Bloom uses alternative currencies that use technology to provide a better service, like the TimeBanks, based on time rather than time.
Chapter 13: Money and the Modern Mind
by Mary Ramzy
Author John Bloom begins this chapter by stating that "among all the factors of everyday life, money and its attendant issues consume more of our conscious time than most of us would likely wish." This statement rings true, especially in today's society, which has become highly materialistic. Our society has become obsessed with not only making money but also with spending it! The American Dream has become one of materialism in which being branded a "Rich Kid of Instagram" has become "cooler" than being know as someone who's worked hard to make their way up from "the bottom of the food chain."
Bloom uses the fairytale "The Grave-Mound" by the Brothers Grimm as a metaphor to describe different individuals' relationship to money. I thought that it was a great way to show the various relationships people from different walks of life have with money. Nevertheless, I was surprised when the author claimed that "while each of us may identify with a different character, we are home to all of them for better or worse." As I continue to reflect on this fairytale and Bloom's statements, I have come to agree that that "we are home" to all of these characters. Bloom is simply trying to say that there will always be someone poorer than you and someone wealthier than you. This book, though at times a bit abstract, was a good read which really forced me to think about money and its relationship to society.
Money really does take up too much wasteful time and really blocks us from enjoying our short time here on planet earth. Let's strive as a nation to stay away from the materialistic tendencies that we see today and try to focus on living a happy life.
ReplyDeleteYou make a very interesting point about technology. It has advanced developed countries so much, but for developing countries who do not have access to the same high-skilled labor to introduce new technology, they are limited.
ReplyDeleteI like the saying "economic demand is not the same as economic need". Though people have rights to better their own life, they should also understand the social responsibility they have in this society and help improve the overall wellbeing.
ReplyDeleteWe now see money as the ends, instead of a mean for our short live in this world.
ReplyDeleteI think Bill Gates is spot on here. He has a great understanding of technology obviously and its potentials and limitations. But, money is related and technology is limited to people who can afford them or have access to them.
ReplyDeleteIt's interesting to see technology as a limitation because this generation is so convinced that it is the driving force of innovation. But Gates makes a good point about the limitations it has for countries who don't have access to the same resources.
ReplyDeleteThis is actually really interesting because in one of my psychology classes I actually learned that for people who are better off, they tend to compare themselves to people who are richer. That leads them to want more things while the poor tend to compare themselves with people who are worse and realize that they are actually doing okay. The point about technology is also very true because technology seems to be making the lives of people who can afford it easier, but not necessarily those who need it.
ReplyDeleteBill Gates gives a very interesting and true take on technology. As the main selling point of our generation only helps those who can afford it, will this only further the gap between developing and developed countries in the future?
ReplyDeleteI really like the picture. Bill gates was the perfect example to portray how many and technology intertwine with one another time after time.
ReplyDeleteCh. 5 - I think the technology argument is really interesting; I personally would like to spend the time to develop affordable technologies for the developing world.
ReplyDeleteCh. 13 - It really is sad how materialistic society has become today. I wish we could return to simpler times.
I think Bill Gates is spot on!
ReplyDeleteBill Gates is right.We see such differences in developing countries and third world countries.
ReplyDeleteIt's interesting to point out that technology cannot be seen as the solution to all our problems. If you cannot afford it then it's as good as not being invented at all.
ReplyDeleteI enjoyed reading about how technology does not hold the power to our future. It think that is a unique approach that many people today don't realize. We are so driven to excelling and innovating in today's technological age that we don't stop to wonder if it will better our future.
ReplyDeleteThat is an interesting paradox. Pursuing self interest results can result in greed with some of the big businesses which become so big that they eliminate competition! Although I do think people overestimate how much "Big Businesses" are really affecting them in a bad way.
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