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Philosopher Alan Watts on the difference between money and wealth
What would you do if money was no object?
- Philosopher, Alan Watts believed we too easily mistake the symbolic for the real.
- If money was no object, we'd seek what we truly desire.
- Watts believed we can only have so much ostentatious consumption.
In a thought-provoking lecture Alan Watts once posed this great question: "What would you do if money was no object?"
This pointed and hyperbolic question asks us to dig into the deeper truth of what it is we really want and desire in life and also question the symbolic importance we place on the almighty abstraction of the dollar.
Watts urged his listeners to detach themselves from the notion of chasing money to satisfy our desires. Easier said than done of course — but in typical koan fashion, Watts manages to show us that when we instead seek something less material and more spiritually fulfilling, the money part won't become an issue in the end.
What would you do if money was no object?
The gist of Watt's speech is as follows:
"So I always ask the question, 'what would you like to do if money were no object? How would you really enjoy spending your life?' Well, it's so amazing as a result of our kind of educational system, crowds of students say well, we'd like to be painters, we'd like to be poets, we'd like to be writers, but as everybody knows you can't earn any money that way…
Let's go through with it. What do you want to do? When we finally got down to something, which the individual says he really wants to do, I will say to him, you do that and forget the money, because, if you say that getting the money is the most important thing, you will spend your life completely wasting your time… To structure your existence with an objective of monetary gain is to spend a lifetime chasing an abstraction.
... And after all, if you do really like what you're doing, it doesn't matter what it is, you can eventually turn it — you could eventually become a master of it. It's the only way to become a master of something, to be really with it. And then you'll be able to get a good fee for whatever it is. So don't worry too much..."
Now money is a fundamental fact of our current constructed reality, even Alan Watts understood that. Barter, exchange, value, currency and what have you – there is absolutely no feasible way around it. So leave your pipe dreams and utopian visions at the door, just entertain the question at face value for now. It's probing for something much deeper than some cheap ideological economic fix.
Alan Watts on being paid for his work
Alan Watts on money, possessions and lifestyle www.youtube.com
Pontificating on this issue in any regard is risky business as inherent contradictory and seemingly hypocritical charges are bound to be directed at its speaker.
Watts rightfully so, silenced any criticism for any monetary gain he received for his work. After all, he knew that he was playing the society game and needed to make a living for himself. Watts was a philosopher and quite good at what he did.
This line of questioning would lead to Watts making an important distinction on the nature of differentiating between money and wealth. On a personal level, he understood what wealth was to him and the limits of a human's capacity to experience luxury and excess:
"There are limits to the real wealth that any individual can consume... We cannot drive four cars at once, live simultaneously in six homes, take three tours at the same time, or devour 12 roasts of beef at one meal."
Does It Matter? Essays on Man's Relation to Materiality
Watts explored the issue deeper in his anthology Does It Matter? Essays on Man's Relation to Materiality. In the essay "Wealth Versus Money," Watts remarked on the inability for humankind to distinguish between the merely symbolic and the true.
All too easily, we confuse the world as we symbolize it with the world as it is...
He looks into our simple confusion between money and wealth:
"Money is a way of measuring wealth but is not wealth in itself. A chest of gold coins or a fat wallet of bills is of no use whatsoever to a wrecked sailor alone on a raft. He needs real wealth, in the form of a fishing rod, a compass, an outboard motor with gas, and a female companion.
But this ingrained and archaic confusion of money with wealth is now the main reason we are not going ahead full tilt with the development of our technological genius for the production of more than adequate food, clothing, housing, and utilities for every person on earth."
This type of symbolic thinking manifests itself in all outlets of the physical world. In his essay, Watts makes a point about the how the fundamental confusion between money and wealth leads us to preposterous positions. He used the Great Depression as an example.
"Remember the Great Depression of the '30s? One day there was a flourishing consumer economy, with everyone on the up-and-up; and the next, unemployment, poverty, and bread lines,
What happened? The physical resources of the country the brain, brawn, and raw materials were in no way depleted, but there was a sudden absence of money, a so-called financial slump…
Complex reasons for this kind of disaster can be elaborated at length by experts on banking and high finance who cannot see the forest for the trees..."
Watts makes no claim of being an economic or financial expert. Those to him are mere surface roles muddying the waters at the core of this issue he's trying to broach. Watts likens the absurdity to a man coming to work on the building of a house, the morning of the Depression and the boss saying to him:
Sorry, baby, but we can't build today. No inches.
Watts realized that there was going to be and will always be harsh resistance to this type of idea or rather awareness of the symbolic:
"What wasn't understood then, and still isn't really understood today, is that the reality of money is of the same type as the reality of centimeters, grams, hours, or lines of longitude. Money is a way of measuring wealth but is not wealth in itself.
It is not going to be at all easy to explain this to the world at large, because mankind has existed for perhaps one million years with relative material scarcity, and it is now roughly a mere one hundred years since the beginning of the industrial revolution."
Now wait just a minute before flinging out those Communist manifestos and leading a riot down Billionaire's row. Regulation and taxation on this abstraction is not the answer.
"To try to correct this irresponsibility by passing laws would be wide of the point, for most of the law has as little relation to life as money to wealth. On the contrary, problems of this kind are aggravated rather than solved by the paperwork of politics and law.
What is necessary is at once simpler and more difficult: only that financiers, bankers, and stockholders must turn themselves into real people and ask themselves exactly what they want out of life — in the realization that this strictly practical and hard–nosed question might lead to far more delightful styles of living than those they now pursue. Quite simply and literally, they must come to their senses — for their own personal profit and pleasure."
So then we're brought back to the original question: what do I desire?
- Alan Watts: Why education (as we know it) is a hoax - Big Think ›
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- 8-step course: How to make money on YouTube - Big Think ›
"You dream about these kinds of moments when you're a kid," said lead paleontologist David Schmidt.
- The triceratops skull was first discovered in 2019, but was excavated over the summer of 2020.
- It was discovered in the South Dakota Badlands, an area where the Triceratops roamed some 66 million years ago.
- Studying dinosaurs helps scientists better understand the evolution of all life on Earth.
David Schmidt, a geology professor at Westminster College, had just arrived in the South Dakota Badlands in summer 2019 with a group of students for a fossil dig when he received a call from the National Forest Service. A nearby rancher had discovered a strange object poking out of the ground. They wanted Schmidt to take a look.
"One of the very first bones that we saw in the rock was this long cylindrical bone," Schmidt told St. Louis Public Radio. "The first thing that came out of our mouths was, 'That kind of looks like the horn of a triceratops.'"
After authorities gave the go-ahead, Schmidt and a small group of students returned this summer and spent nearly every day of June and July excavating the skull.
Credit: David Schmidt / Westminster College
"We had to be really careful," Schmidt told St. Louis Public Radio. "We couldn't disturb anything at all, because at that point, it was under law enforcement investigation. They were telling us, 'Don't even make footprints,' and I was thinking, 'How are we supposed to do that?'"
Another difficulty was the mammoth size of the skull: about 7 feet long and more than 3,000 pounds. (For context, the largest triceratops skull ever unearthed was about 8.2 feet long.) The skull of Schmidt's dinosaur was likely a Triceratops prorsus, one of two species of triceratops that roamed what's now North America about 66 million years ago.
Credit: David Schmidt / Westminster College
The triceratops was an herbivore, but it was also a favorite meal of the Tyrannosaurus rex. That probably explains why the Dakotas contain many scattered triceratops bone fragments, and, less commonly, complete bones and skulls. In summer 2019, for example, a separate team on a dig in North Dakota made headlines after unearthing a complete triceratops skull that measured five feet in length.
Michael Kjelland, a biology professor who participated in that excavation, said digging up the dinosaur was like completing a "multi-piece, 3-D jigsaw puzzle" that required "engineering that rivaled SpaceX," he jokingly told the New York Times.
Morrison Formation in Colorado
James St. John via Flickr
The Badlands aren't the only spot in North America where paleontologists have found dinosaurs. In the 1870s, Colorado and Wyoming became the first sites of dinosaur discoveries in the U.S., ushering in an era of public fascination with the prehistoric creatures — and a competitive rush to unearth them.
Since, dinosaur bones have been found in 35 states. One of the most fruitful locations for paleontologists has been the Morrison formation, a sequence of Upper Jurassic sedimentary rock that stretches under the Western part of the country. Discovered here were species like Camarasaurus, Diplodocus, Apatosaurus, Stegosaurus, and Allosaurus, to name a few.
|Credit: Nobu Tamura/Wikimedia Commons|
As for "Shady" (the nickname of the South Dakota triceratops), Schmidt and his team have safely transported it to the Westminster campus. They hope to raise funds for restoration, and to return to South Dakota in search of more bones that once belonged to the triceratops.
Studying dinosaurs helps scientists gain a more complete understanding of our evolution, illuminating a through-line that extends from "deep time" to present day. For scientists like Schmidt, there's also the simple joy of coming to face-to-face with a lost world.
"You dream about these kinds of moments when you're a kid," Schmidt told St. Louis Public Radio. "You don't ever think that these things will ever happen."
We spend much of our early years learning arithmetic and algebra. What's the use?
- For the average person, math seems to play little to no role in their day-to-day life.
- But, the fanciest gadgets and technologies are all heavily reliant on mathematics.
- Without advanced (and often obscure) mathematics, modern society would not be possible.
The following is an adapted excerpt from the book What's the Use? It is reprinted with permission of the author and Hachette Book Group.
What is mathematics for?
What is it doing for us, in our daily lives?
Not so long ago, there were easy answers to these questions. The typical citizen used basic arithmetic all the time, if only to check the bill when shopping. Carpenters needed to know elementary geometry. Surveyors and navigators needed trigonometry as well. Engineering required expertise in calculus.
Today, things are different. The supermarket checkout totals the bill, sorts out the special meal deal, adds the sales tax. We listen to the beeps as the laser scans the barcodes, and as long as the beeps match the goods, we assume the electronic gizmos know what they are doing. Many professions still rely on extensive mathematical knowledge, but even there, we have outsourced most of the mathematics to electronic devices with built-in algorithms.
My subject is conspicuous by its absence. The elephant isn't even in the room.
It would be easy to conclude that mathematics has become outdated and obsolete, but that view is mistaken. Without mathematics, today's world would fall apart. As evidence, I am going to show you applications to politics, the law, kidney transplants, supermarket delivery schedules, Internet security, movie special effects, and making springs. We will see how mathematics plays an essential role in medical scanners, digital photography, ﬁber broadband, and satellite navigation. How it helps us predict the effects of climate change; how it can protect us against terrorists and Internet hackers.
Remarkably, many of these applications rely on mathematics that originated for totally different reasons, often just the sheer fascination of following your nose. While researching this book, I was repeatedly surprised when I came across uses of my subject that I had never dreamed existed. Often, they exploited topics that I would not have expected to have practical applications, like space-ﬁlling curves, quaternions, and topology.
Mathematics is a boundless, hugely creative system of ideas and methods. It lies just beneath the surface of the transformative technologies that are making the twenty-ﬁrst century totally different from any previous era — video games, international air travel, satellite communications, computers, the Internet, mobile phones. Scratch an iPhone, and you will see the bright glint of mathematics.
Please don't take that literally.
There is a tendency to assume that computers, with their almost miraculous abilities, are making mathematicians, indeed mathematics itself, obsolete. But computers no more displace mathematicians than the microscope displaced biologists. Computers change the way we go about doing mathematics, but mostly they relieve us of the tedious bits. They give us time to think, they help us search for patterns, and they add a powerful new weapon to help advance the subject more rapidly and more effectively.
In fact, a major reason why mathematics is becoming ever more essential is the ubiquity of cheap, powerful computers. Their rise has opened up new opportunities to apply mathematics to real-world issues. Methods that were hitherto impractical, because they needed too many calculations, have now become routine. The greatest mathematicians of the pencil-and-paper era would have ﬂung up their hands in despair at any method requiring a billion calculations. Today, we routinely use such methods, because we have technology that can do the sums in a split second. Mathematicians have long been at the forefront of the computer revolution — along with countless other professions, I hasten to add. Think of George Boole, who pioneered the symbolic logic that forms the basis of current computer architecture. Think of Alan Turing, and his universal Turing machine, a mathematical system that can compute anything that is computable. Think of Muhammad al-Khwarizmi, whose algebra text of 820 AD emphasized the role of systematic computational procedures, now named after him: algorithms.
Most of the algorithms that give computers their impressive abilities are ﬁrmly based on mathematics. Many of the techniques concerned have been taken "off the shelf" from the existing store of mathematical ideas, such as Google's PageRank algorithm, which quantiﬁes how important a website is and founded a multi-billion-dollar industry. Even the snazziest deep learning algorithm in artiﬁcial intelligence uses tried and tested mathematical concepts such as matrices and weighted graphs. A task as prosaic as searching a document for a particular string of letters involves, in one common method at least, a mathematical gadget called a ﬁnite-state automaton.
The involvement of mathematics in these exciting developments tends to get lost. So next time the media propel some miraculous new ability of computers to center stage, bear in mind that hiding in the wings there will be a lot of mathematics, and a lot of engineering, physics, chemistry, and psychology as well, and that without the support of this hidden cast of helpers, the digital superstar would be unable to strut its stuff in the spotlight.
The importance of mathematics in today's world is easily underestimated because nearly all of it goes on behind the scenes. Walk along a city street, and you are overwhelmed by signs proclaiming the daily importance of banks, greengrocers, supermarkets, fashion outlets, car repairs, lawyers, fast food, antiques, charities, and a thousand other activities and professions. You do not ﬁnd a brass plaque announcing the presence of a consulting mathematician. Supermarkets do not sell you mathematics in a can.
Dig a little deeper, however, and the importance of mathematics quickly becomes apparent. The mathematical equations of aerodynamics are vital to aircraft design. Navigation depends on trigonometry. The way we use it today is different from how Christopher Columbus used it, because we embody the mathematics in electronic devices instead of pen, ink, and navigation tables, but the underlying principles are much the same. The development of new medicines relies on statistics to make sure the drugs are safe and effective. Satellite communications depend on a deep understanding of orbital dynamics. Weather forecasting requires the solution of equations for how the atmosphere moves, how much moisture it contains, how warm or cold it is, and how all of those features interact. There are thousands of other examples. We do not notice they involve mathematics, because we do not need to know that to beneﬁt from the results.
A socially minded franchise model makes money while improving society.
- A social enterprise in California makes their franchises affordable with low interest loans and guaranteed salaries.
- The loans are backed by charitable foundations.
- If scaled up, the model could support tens of thousands of entrepreneurs who are currently financially incapable of entering franchise agreements.
The underdog challenging McDonald’s & Wall Street | Hard Reset by Freethink www.youtube.com
Social responsibility is becoming a major focus of many businesses. While turning a profit is always the ultimate goal — nobody can eat good intentions, after all — having a positive impact on society is becoming an equally important goal.
A restaurant chain in California, already focused on providing healthy food at a competitive cost, is testing a new way to create more entrepreneurs. Specifically, it is working with charitable foundations to provide business opportunities to those who normally would not have access.
When a company wants to expand without paying all of the upfront costs itself or taking on the entire risk of operating in a new market, it can enter into a franchise agreement with an entrepreneur. In exchange for a share of the profits (as well as some fees and adherence to certain quality standards), the entrepreneur — now a franchisee — can open their own branch of a larger brand. The entrepreneur enjoys the benefits of owning a business, while the brand owner can cash in on intellectual property.
This model is wildly successful. There is a reason you can find fast food joints like McDonald's everywhere from Times Square to Prague (next to the Museum of Communism, no less). According to the International Franchise Association, there were more than 733,000 franchised business establishments in the United States in 2018, accounting for nearly 3 percent of GDP.
The franchise model — in which a local agent keeps some earnings while handing over a portion to a central authority — isn't new. Indeed, variations have been around since the Middle Ages, though it only took off after WWII. Franchising is now a recognized system in many countries and is used in all manner of industries, including restaurants, pet supply stores, automotive repair shops, hotels, and even senior care.
The Catch-22: you have to spend money to make money
The biggest problem with franchising is the high cost of becoming a franchisee.
While the costs vary, opening a restaurant as a franchisee can easily cost $500,000. A franchise car repair shop can require $250,000, and opening a hotel under a franchise's banner can set a person back millions. In some cases, the franchiser also will set a minimum net worth requirement or insist that the money that pays their fees not be borrowed. Even if a person can find a way around that, most new businesses do not turn a profit for quite some time after opening. These limitations essentially rule out all but the wealthy from becoming a franchisee.
As a result, there are some social enterprises that are looking to make franchising more accessible to the less affluent.
As a business that hopes to rapidly expand, they looked to franchising. However, the idea of seeking out a bunch of rich people to support a business like theirs struck CEO Sam Polk as out of step with its vision. So, the company came up with a better idea.
Their Social Equity Franchise Program helps tenured Everytable employees open their own franchise locations through free training and assistance in securing low interest loans to finance the store. To help the entrepreneurs survive the difficult early years, participants in the program are assured an income of $40,000 in their first three years of operations. Repayments on the loans do not begin until after the business is turning a profit.
The capital for all these low interest loans comes from a number of foundations such as the California Wellness Foundation (Cal Wellness). Foundations like these are required to give away a small portion of their endowments every year on causes aligned with their missions. However, most of the rest of it is simply invested in the stock market to assure the endowment continues to exist.
People like Cal Wellness CEO Judy Belk have begun to invest that money elsewhere, like in loans to provide the money needed to open an Everytable franchise. As she explained to FreeThink:
"Cal Wellness and many other foundations are saying, 'I think we can do a little better with that [money]. Why not use that capital to invest in the communities that we're supposed to serve?'"
In the end, Everytable gets a new restaurant that expands the brand, foundations get returns on their investment, and the franchisee gets an opportunity that they likely never would have had without the program.
Expanding the Everytable model
If even a small share of the $2 trillion foundations in the U.S. have are invested into this sort of social cause, tens of thousands of loans could be given to those less affluent people who are looking to start a business. While this model likely would lower returns to institutional investors like charities, they could enjoy more tangible results in the communities they exist to serve. According to a report published by the Federal Reserve Bank of Atlanta, local entrepreneurship increases income and employment and decreases poverty.
At the individual level, this would help a lot of people who otherwise never would be able to seriously consider going into business for themselves. By a number of measures, business owners make more than wage workers and can also claim ownership of the assets that comprise the business. Beyond that, many small business owners enjoy the non-financial benefits of their position as well, including the independence and autonomy that often come with business ownership.
When working optimally, good business is good for society.
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