In Friedman and Friedman’s (husband and wife) novel free to choose there is much discussion on the nature of markets and the value of labour and how we spend our personal capacity.
In short there are two kinds of capital in a market system.
- Physical Capital: hard concrete goods and services which are traded and valued through the price system. This includes cars, food products, video games or, if you like, supermechs tokens.
- Human Capital: human capital is one’s personal capabilities. Their ability for labour most commonly, most working people sell their labour on the market for its price (wages). Other human capital includes all skills or talents (such as singing which can be marketed).
Like physical capital can be invested in with better equipment, techniques, design etc. So can ones human capital be invested in through education, training etc.
How you spend your human capital is extremely important if you are not born into a circumstance of extreme wealth (abundance of physical capital) as all you can do is market your human capital to make a living on.
Good ways to invest your time (a form of human capital) to accumulate more is by studying, training, learning skills, networking with professionals in your field of interest.
A bad way to invest your time would be lazing about all day watching tv, playing cod or, if you like, grinding away on an online game.
Currently we all invest countless hours from our limited supply of time into grinding supermechs. The return on this investment is not a marketable asset. You gain advantages for that investment only in a virtual world. Now, this is a smart investment if you value more than say education the benefits in this world. Which very well may be the case. However, if you’re one of these people who claims to gain no joy from this game anymore, you’re as good as throwing away your most marketable resource for no return on investment - your human capital. And if fyou buy tokens while claiming no joy return then you’re wasting physical capital too.
Food for thought.