In such a case, will the concept of money be wiped out from existence ?
Depends on how much of our needs would be covered. Not needing to work to survive is different from not needing to work to live a comfortable life which is again different from living a luxurious life.
This!!
It’s called Star Trek
The economy in Star Trek is probably the simplest problem they’ve solved.
Would depend how it’s achieved. The most realistic way would be through mass automation, but the question is now “who owns the machines that produce everything?” A minority controlling these means of production would mean the rest of the world is at their mercy. If they manage to maintain their ownership (though a fully automated defense force, I guess), they can have the rest of the world doing whatever they want… But what do they need these people for then? All they are is a threat, as they are prone to revolt. Genocide seems like a handy option if the elites are sufficiently ruthless, but it would be hard to put in place; there are many people in the world and they can be inventive when fighting for their lives. Beside, there would probably be several such elite groups, still divided in different country; one who starts building large armies and stacking weapons might attract hostility from their neighbors. Providing the people with their needs to pacify them? Sure, but what if they want more? Or what if they make their own automated armies with the free time they have not worrying about starvation? Keeping them occupied seems safer. Why not invent some bogus job that doesn’t actually need to be done and have them believe they still need to earn their living? That could solve the problem from the elite’s point of view. So basically, no change for the people.
With collective ownership of the means of production and an egalitarian spread of wealth, it could be cool tho. People would just do whatever they want, many would still probably undertake collective project, either to further better life of for the fun of it. There could still be forms of conflicts about how some things are managed and by whom, tho…
We’d be forced to anyway
Star Trek would happen
Someone would start to make or do something for fun. Someone else would see it and want one. A market is born. They try bartering for a while, that gets too complicated, then someone remembers money worked pretty well for exchanging goods and services.
Not necessarily. Lots of people already release their “fun” things they make for free. If you had all your needs taken care of, you could release anything you made for free a lot more easily.
That being said, there will always be limits even if you don’t have to work, there are only so many major sports teams that can be owned by a single person. There can only be so many stays per night at fancy hotels in a particular city.
Even with biological needs satisfied human society creates social\cultural ‘needs’ that people will fight\work just as hard to acquire or maintain. ‘Keeping up with the Jones’ can create demand for literally anything. Unless we each get a genie that grants our every wish, we’ll find something to compete over and markets will develop around those.
Historically, barter only tends to appear in communities used to a monetary economy when something temporarily disrupts the currency system. The more common pattern of commerce within communities not previously accustomed to currency is that goods are given in one direction at a time, and incur an informal social debt that may be eventually be repaid with reciprocal goods or by some other means entirely (e.g., support during community disputes).
I don’t think that everyone will stop working just because they can. Even if everything even non essential goods would be provided for everyone, we would still produce luxury good, arts and services. So it would in the best case evolve into something like market socialism where everyone profits of of the chance to never have to work again. In the worst case we would be stuck with a system where few hold these unlimited resources and make people work by holding back essential goods despite being abled to provide for everyone. In both situations I think money would probably still play a role.
The art we made would be amazing… and we’d instantly see life spans and QoL skyrocket.
Working is bad for your health.
I’d stop spending all my time on trying to survive and poor all my hours into work I want to do instead of have to do. I have a ton of stuff I’d actually want to do that are very definately work but I can’t make a living doing it, so I don’t!
Time will become the currency if other resources are unlimited.
Time keeps moving forward, and you cannot go back to the past.
Speculating about the disappearance of money would be like speculating about disappearance of a thermomether. Even if every specimen were to be destroyed, someone would reinvent it.
Even if all basic needs are to be taken care of, somebody would always come up with something more. Other people would naturally want it. That would quickly lead to a realization that there is something like a value, and also a need to measure it somehow.
Could be pieces of seashells we exchange directly, or a massive database of who makes what for whom, but the result is the same.
We’d all hold hands and sing kumbaya 24/7/365
Somebody yell them to shut up, I’m trying to sleep here!
What makes you think we “need” to work now?
Food, water, a roof over your head…
Gonna need money, which is obtained through work
The fact that we do it when all our other needs are met, and get antsy if we’re prevented from working.
We need teachers. Many would do it, but they want respect and support.
So I’m guessing they’d need money.
Let’s be realistic, if humans continue to exist we’re going to be raised and educated in AI powered pods
I mean, we could always just go original Time Machine. Human sheep just existing until we don’t.
everyone will get the same fixed wage, so they can buy what they want, but don’t deplete everything by stockpiling too many
