Econ 103 Whats wrong money as a social construct and a shared hallucination

What is wrong with these phrases

· Money is a social construct

· shared hallucination

It is easy to believe that money is a social construct in today’s world. However, money is subjective. It is valued differently due to our own unique lives. We are born into the world by no choice of our own. Due to this, we have no choice who our parents are, or where we are born. Our parents pass down knowledge; monitory, lifestyle, education, health, food, sports, technology, etc… this is how we have shared hallucinations. It can be heavily impacted by society’s social class system. We navigate to find the best path from what we have been taught. Each household fits into a social class, lower, middle, upper. I will use people’s social circumstances due to their class to explain what is wrong with money as a social construct and shared hallucination.

Lower class

Being born into a lower-class family has its disadvantage; substandard living conditions, possible lack of food, less focus on education (home & school), overall health and hygiene. The shared hallucination is enforced through the neighborhood and school you grow up in. When you start with very little, you will believe very little is all you will achieve.

When your family struggles with money and the education system does not teach it, how is one able to learn, savings, investment, what is credit let alone compounding interest. It is very difficult to leave this class when all the odds are stacked against you. The shared hallucination will be passed from generation to generation. A small percentage of unicorns will do extraordinary well, break the cycle and drive for success even with the struggles of being assigned a position in society not of their choosing.

Middle class

Born into a middle-class family will have a better-shared hallucination of what to expect from their parent’s teachings. This usually will consist of going to school then university to learn the basics or more advanced skills of how to work and function in society. It will usually be this standard framework of getting a job, acquiring their main investment with buying a house, a couple of side investments, starting a family, and retirement at 65 years old, debt-free is what would be considered a successful life.

Family knowledge about money is still limited to understanding that you need to work a certain number of hours per week to earn a certain amount of money, depending on the skills and knowledge you have acquired. When a child is born into a family that works in the construction industry it is likely that they will continue a similar path. This is because of the knowledge and lifestyle that they have been accustomed to, by living a comfortable upbringing from what their parents provided. (Proof of work from experience to manage the same outcome)

Upper class

The life that comes into the upper-class world is going to be given all the tools and resources they need to become successful; you could comfortably bet that a parent who is a CEO of a large company will not guide their child’s life into working on the tools as a tradesman for the average salary a person makes annually. The parents will create a social construct within their household and families circle that will provide the opportunities, experiences, connections for them to acquire the right knowledge and skillset to be as successful as them.

Family knowledge is vast about money and how to make it work for you. Investing into companies, shares, startup business, property portfolios, everything and anything that gains a return over long periods of time (compounding interest) They are more than likely to be in high-paying positions with knowledge of how to benefit from financial tax systems. They will store their value in appreciating assets while reducing their liabilities. They will already be at an advantage with having easy access to money and the roadmap laid out in front of them. (financial training wheels)

What is wrong with saying money is a social construct or a shared hallucination.

The different social classes above show different shared hallucinations of how the world works and their place in it. Society class systems create a divide, exclusion, possible hatred towards each other, and segregation between people.

Stereotypes are formed and targeted towards the different classes to keep people fighting amongst themselves (distracting them from bigger issues) Assigned thought processes could involve saying, If you are wealthy you are intelligent, successful, a “better person.” While the lower are lazy, not driven possibly jealous or angry at their situation. (example)

The media plays a large role in creating this narrative. By picking and choosing what they want to show (or are told) to their targeted audiences at specific times depending on the stories they do not want the collective to be focusing on at that time. They do not want the classes to cooperate as this would be bad for their business.

Money is a social construct and a shared hallucination because it’s created by society’s social norms, but it is wrong because it creates inequality and segregation. History has shown this to be true time and time again. The old story of do as I say and not as I do is repeated far too often, with the same results and few consequences.

But now another option is available to everyone called bitcoin. Less fortunate nations now cannot be held back by these monetary social constraints that affect their lives regardless of the decisions they make. An example is when the USA decides to inflate their money supply and every other country using the dollar will be affected.

Bitcoin is a new social construct where the rules cannot be changed by the ones who hold more of it. I believe it will become the dominant shared hallucination throughout the world and will be adopted first by the ones who have benefited the least from the current system we have been surviving in.

I have chosen a way of explaining what is wrong with saying money is a social construct and a shared hallucination from my perspective, I would appreciate the feedback from doing something a bit different, but hopefully, people can understand.

1 Like