As is programatically a constituent of the effects brought about by the integral works of others; notwithstanding the fields of endeavour as yet left unattended,
It is the case today, that in living memory, the concept of money has transformed systems based on the gold standard, to the binary notations produced by ICT. It is now the case that the complexities of Fiat Money and Fractional Reserve Banking are a complex area of specialised knowledge which was to some-degree, made simple by the post by visualcapitalist.com in 2017 of “All of the World’s Money and Markets in One Visualization” as to see the effect of these global, structural works.
Post World War II, Australia notably set-about delivering socioeconomic frameworks to support a ‘middle class’. These social-policy structures incorporated such concepts as ‘superannuation’ (or ‘private pensions’), free healthcare (medicare), Free Tertiary education, a 40 hour work week, and legal aid and trade union related representation for work-related disputes, amongst many others. However these areas of policy started a trend of change, that may reasonably be considered in association to the growth of ICT as to have occurred throughout a similar timeline.
Whilst it is the case today, that ‘knowledge based capital’ is considered in accounting terms to have significant value in relation to the economics of legal personalities, as is highlighted in a related OECD report.
In effect, the universal take-up of ICT technology has brought about significant changes to the nature of ‘currency’. Before internet, most forms of work had physically visible implications. A tradesperson involved in construction or engineering, was able to show the efforts of their work. Those such as teachers and office worker undertook works where the economic association to their work, related to the number of hours they were working at a particular premises. Internet, has brought about radical changes that do not easily associate to these traditional forms of work; and intrinsically as a result, both the form through which ‘currency’ associates to new forms of work and indeed also thereafter; banking.
Whilst the OECD reports show the significance of ‘knowledge based capital’ as is associated to incorporated legal persons; the tooling available for natural persons to be provided the means to participate independently and/or have value associated to their works of a less tangible nature, is not as well developed as may be otherwise beneficially produced.
In one example highlighted by research undertaken by the Australian Superannuation firms AustralianSuper and Cbus Super, their research related press-release document states
The research estimates that 2.3 million Australian workers now partially or entirely fall outside of superannuation coverage which equates to around $10 billion in missed superannuation payments each year.
As the conditions for work have changed rapidly, and radically, the conditions through which other contributory constituents of support to natural persons are in-turn shown to be suffering from systemic issues.
Our local economy is now networked globally. The data used to support trade, is now socioeconomically rationalised in many cases, to not provide natural persons a comprehensive and trusted copy of the data that is created relating to them. Organisations whose economic structures are now built upon ‘knowledge based assets’ in-turn employing natural persons as a constituent of their broader use of the natural world, as a resource.
One of the many symptoms that is brought about by this, is that, in effect, natural persons who do not have a ‘safe place’ to store their data (akin to money, in a bank) – results in a circumstance where they do not personally have ‘evidence’ of their activities with others, in a trusted format. Whilst this can be considered to assist risk-management techniques for data-platform operators (legal personalities) for wrongs that disenfranchise natural persons, the means to ensure organisations are operating efficiently, and that investment decisions can be reliably made on the basis of good evidence – is also reduced.
The economic problems these ‘information management system’ design qualities present are not simple.
It is already the case that data (information -> knowledge) is known to be an economically valuable resource, so the business problem is seemingly not about producing the means to demonstrate this underlying driver to broader considerations. Rather, the problem appears to be the inability for our society to recognise and act upon the means to recognise that the value of data is more importantly able to be assigned by law to natural persons, as to support governance structures of societies world-wide; than it is to simply ignore the needs of natural persons, and maintain a legislative framework through which the intended beneficiaries of data are almost exclusively legal personalities.
In other words, by other references; some alive today remember the circumstances that both brought about and led to the production of the United Nations UDHR Charter. Yet whilst many of the statements made by that document; can now be associated to an incredible volume of data produced in relation to the vast majority of humanity who live in advanced societies, the means through which they are now expected to do so is by way of being considered as a particular group of persons, which thereafter led to new language being formed and made use of by UN works, in terms of ‘consumer protections‘.
It’s difficult to identify and to translate, in economic terms, the benefits of having ‘high quality’ and ‘reliable’ data available, as a direct result of having produced platforms for natural persons to be organisationally supported as the beneficial owners of their data, which in turn may be used as a foundation through which they are then better able to support the expectations of their role in groups (legal personalities) to do tasks in our societies. The concept of how this might be done through the establishment of a framework such as was called an ‘information fiduciary’, in relation to US Works published in The Atlantic (2016) yet, if any such field of work is going to more effectively consider what is in-effect, our modern forms of ‘currency’, investment is required, the ICT tooling needs to be brought about; and the changes through which we consider the nature of how it is our modern ‘infosphere‘ could be refactored and what new forms of commons infrastructure is imperative to our shared needs, and the progress of work otherwise identified from before the UDHR, and beyond, to help people understand what it is people need to do, to succeed in our modern world.
The fastest way to bring this about; is to form the economic means, through which, participating in the development of new and emergent economic models, beneficially supports them as they’re doing it.
If this is going to be made able to occur; the means to do so must be constructed in a manner that is rendered meaningful support by (accessible) law.