Um, economics does not say this. Economic theory offers us many possible
theories which might explain the lack of direct human capital markets. The
explanation above is only one of many. I think a more likely explanation
is that no one has paid the start up costs to try to get a market like
this going.
>While this should make the economy more efficient and
>everyone better off, it could also increase the inequality of wealth in
>society. ... tempted to trade an expensive lifestyle now for poverty in the
>future.
Huh? I would expect this sort of market to increase equality, by allowing
people to insure against the largest risk they face: uncertainty regarding
their future earning potential.
>One reason extropians might be interested in the development of a human
>capital market, besides that it give people choices they didnŐt have
>before, is that it may allow greater investment in human capital in a
>scenario where this is especially risky.
I'd say the more important benefit is to allow people to avoid poverty after
an upload or AI transition. Post-transition, their wages would be worth
much less, but if they've sold some of those wages for non-wage capital,
they'll suffer less a hit on total wealth.
Robin Hanson
hanson@econ.berkeley.edu http://hanson.berkeley.edu/
RWJF Health Policy Scholar, Sch. of Public Health 510-643-1884
140 Warren Hall, UC Berkeley, CA 94720-7360 FAX: 510-643-8614