Exploring The Idea of a Labor Backed Currency

I started writing a different blog post but ended up more than 30 minutes through with one list entry that consisted solely of me rambling.

  1. Value produced – One Worklar (Work + Dollar) is valued as the same as the value created by the average potato farmer. This would be an interesting world to consider, but it probably wouldn’t work in real life. The smallest unit of currency would be measured as a fraction of a Worklar, but even then, the currency would be incredibly volatile.
    Despite this, using Workars as an abstract measure for how much of the value produced is kept by the workers; for example, if there is an 80% tax and you work from home, your salary would be .8 Worklars. The only problem is that measuring value in other places becomes nearly impossible.
    (I should probably have named the currency a Labors or something but that would make it far harder to explain)
  2. Barter Tokens take 2 – This is an attempt to go back to proto currency but there may be a way to recreate something of the sort in the modern age.
    where different unions, guilds or just people whose labor is valued and whose word is trusted, give out tokens of a pseudo currency that can be redeemed for their labor so a carpenter gives out a table token which can be redeemed for 8 hours of work as the amount of time it normally takes him to make a table. This would be backed by conglomerates such as guilds, unions or private companies to guarantee your token would be redeemed in time.
    The tokens of large organizations or super-unions (unions working together to set prices, I never said this was consumer-friendly,) would eventually start being exchanged as currency and while there may be several currencies used in a country I expect it would eventually narrow down to one. Banks would look completely different in this context but I imagine there being currency runs that would parallel bank runs if some organization created more tokens than could be exchanged.
  3. Minimum wage – In our current world governments set minimum wage laws. The main unit of this currency would be a hundredth of minimum wage or better instead of printing money according to what are essentially government whims the value of a currency would be locked so that 100 Local-Labes (short for labors my current currency measurement) would be equal to the hourly minimum wage. This is probably not a smart idea but I’m tired of backspacing today so I’ll try to make it work.
    If the minimum wage is set by governments than this essentially becomes a government prints money system where the people are more affected by the minor changes.
    The interesting way to look at this is instead of having a fixed minimum wage, it is decided by the rate accepted by the lowest-paid fast-food workers, for example. This can be an interesting spin on one of my previous entries, but I wanted to try and write five of these, and you don’t know how deep the rabbit-hole of making this work goes…
    On to the next one.
  4. Gold and silver, LME (let me explain) – Imagine nationally owned or communally owned or simply contested mining grounds. Imagine a gold rush, (this can also eventually be developed into an allegory for the effects of misapplied intellectual property laws) there is a lot of gold, a lot of lands, a nobody to enforce ownership of the lands from which the gold is extracted. People rush in, and eventually, lucks role is reduced as the largest gold veins are discovered. The value of the gold at least to the people of the island is the value of the labor they put into it. Now, gold wasn’t the best metaphor as it could be traded with people who value it differently, but to the people mining it, its value is the value of their labor. As they put in the labor to get the gold.
    This is going back to the idea of labor as a proto-currency as something that is produced or extracted from the ground becomes bartered for. It would be hard to value money as lines of code written and with some twisted logic, cryptocurrencies are based in the “Labor” of computers…

I can ramble off-topic another time, but I’m out of time. I hope you learned something from this thought exercise (I know I have). but now I should get to bed.
If this type of more rambling content interests you, please comment below; If this was incomprehensible, please comment below regardless. I could really use some feedback.
Have a valuable day, week, year, etc., and I hope to see you here tomorrow.

After making this I spent an extra 15-minute re-positioning so that it would look better. I changed nothing else in my overtime.
If the message of the picture is different from the message of the post It’s because I originally made it for a different post but that one wasn’t written and I wrote this one instead.

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