Thursday, March 29, 2007

Quote of the day

When speaking about "the medium of exchange" in a society in which nanotech has removed the value from everyday objects, Glenn Harlan Reynolds said the following: "One thing that would retain scarcity is time. Personal services-teaching, lawyering, prostitution-wouldn't be cheapened in the same fashion. We might wind up with an economy based on the exchange of personal services more than on the purchase of goods. In a way, that's where we're headed already. Even without nanotechnology, the prices of many goods are falling. Televisions, once expensive, are near-commodity goods, as are computers, stereos, and just about all other electronics. Nanotechnology would simply accelerate this trend and extend it to everything else. Ironically, it may be the combination of capitalism and technology that brings about a near-propertyless utopia of the sort that socialists (usually no fans of capitalism) and romantics (no fans of technology) have long dreamed of."

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