There is a strong relationship between knowledge and money. In some situations money and knowledge are economic equivalents. If you have enough money to meet your basic expenses, you would often be willing to trade money for knowledge.

People often take low-paying jobs if there is an opportunity to gain valuable knowledge that can be translated into better opportunities down the road. And obviously people pay money to go to college and gain knowledge. It is often said that knowledge is power, but that's just another way of saying knowledge is money.

There's probably someone within a block of me right now who would gain a lot by hearing something I know about business. And there's probably something I could gain by learning some fact that one of my neighbors knows. But we might never meet. And if we do, we might never discover what valuable information the other knows.

How do you exploit that economic opportunity?
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Jun 1, 2009
Money making is hard to make in these hard economic times, so that is why I have made my own blog on money making at http://www.mooladays.com. If you are interested, don't hesitate to take a peek at our blog. :)
May 30, 2009
> How do you exploit that economic opportunity?

I just wait for you to post it on your blog. It's free, like online comics. ;)

(Okay...there's some irony going on here.)
May 29, 2009
Knowledge = Power?


This is one of those cliches we keep telling each other without thinking about it because we think it makes us look smart.

Instead - try this:

The right knowledge *applied at the right time* has the potential to generate powerful results.

Oh, and how about... "It's not what you know, it's who you know that matters."

Same thing.

The truth is...

It's not what you know.
It's not who you know.
It's what you know about selling what you know that matters.

+2 Rank Up Rank Down
May 29, 2009
1. Make a system where, once a child is born and can speak, put it into a prison to starve it of real knowledge, and forced social interaction (public school)

2. Tell them that if they want to be successful, they must participate in job training, but they must pay $50k/year for it, for a period of 4 years (college)

3. If they want to be REALLY successful, then they must pay an additional $100k-$250k for 4 to 7 more years (medical or law school)

4. Once they are done, tell them all the books were always there for free in the library, and there also happens to be a playground next to the library where you could have worked out for free for the past 30 years.

5. Profit from making anti-depressants after these people find out that they wasted 30 years of their lives and half a million dollars by learning things they could have learned for free.
May 29, 2009
Knowledge = Power (common expression)
Time = Money (common expression)
Knowledge = Money (Scott Adams)

Power = Time ?!

Do people with Power also have Time? It seems not.
May 28, 2009
It's called asymmetrical knowledge. That's when you know something that I don't, and you sell something to me based on that knowledge. The trick is to provide the service without transferring your knowledge to me (or vice-versa).

Real Estate agents make their living this way. They have the knowledge about zoning, how offers are handled, etc - it's not difficult to obtain this knowledge, you don't have to be smart to be a real estate agent. But most people don't do it. So when you sell your house, you pay someone $10,000 for usually doing not much more than putting an ad in the paper, listing it online and showing people around the house.

When a full-service stock broker charges $150 to handle a stock sale or purchase - that's asymmetrical knowledge in action. Even with a discount broker you still end up with service charges - all because most people have no idea how a stock transaction occurs.

So the real question is, how can the neighbor provide you with a useful service without you somehow figuring out their angle?

Scott Adam's business (Dilbert) is a good example. It's seems like a good racket: you come up with a funny idea, draw pictures and cheques arrive in the mail. He's written in detail about how he started out. But I still don't know how I could do the same thing.

I write programs all day - it seems like an easy process for me. I see the problem, I write the code to solve it. I've shown people how it's done, explained it in detail - and they don't understand a word of it. So I make a comfortable living.
May 28, 2009
These guys figured out a rather effective answer to your question. http://www.innocentive.com/
May 28, 2009
I guess this explains that why people will only take advice seriously if they have to pay for it.
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May 28, 2009
Everyone should put everything they know on twitter so we can all see it.
May 28, 2009
@S2C I would tell you what a 'conveyance hurdle' is but then I couldn't exploit the opportunity.

So give me 5 dollars and I'll tell you

That is a the conveyance hurdle, the amount of trouble it takes to get information from one person to another, if everyone already knows something, then the knowledge is worthless.

Knowledge = power = money = women* only when you know something others don't.

*couldn't resist
May 28, 2009
In reading some of the comments, I start to wonder if we truly value knowledge, or we just say that we value it.
Google is probably the most biggest, powerful supplier of knowledge on the planet.

But ask yourself -
- If you had to pay to do an internet search, how much would you be willing to pay?
- How would having to pay for searches change the way you use the internet?
- Do you vote for or againt school bonds / property tax increases?

Do you put your money where your head is?
May 28, 2009
The best way to do this is to start your own Borg collective. You can have loads of fun assimilating friends, neighbors, relatives and unsuspecting passersby.
May 28, 2009
I have knowedge of a Nigerian nobleman with lots of money, but he can't get to it right now.
May 28, 2009
I think your basic premise that Knowledge is money is incorrect (at least you have not proved it)
Second, your assumption that money is power is true in many cases but not all.
I used have a teacher who said "Knowledge is POTENTIAL power". It is potent till the knowledge is applied
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May 28, 2009
Easy question! I just buy a house on your block. Your neighbors all thank you for driving the values of their homes up 25% with a single blog posting!
May 28, 2009
I'd rather trade money for experience. Knowledge tricks you into believing you're the expert when you're actually not. Knowing the rules of chess doesn't make me a good player.
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May 28, 2009
What is a "conveyance hurdle"? I googled it and came up with nothing. Here is information I need to understand Aaron's comment. Anyone going to exploit this opportunity?
May 28, 2009
Hello Scott! Though I bow to your usual excellent insight, I do disagree a bit here. It’s not the KNOWLEDGE that is money, it’s the conveyance hurdles cited that are the money. Removing the conveyance hurdles removes the value - or seriously diminish it. When one goes to university, one is not paying for knowledge, one is paying to overcome the conveyance hurdles. Another example of what I mean is as follows. A patent on a drug is a conveyance hurdle which is money. The formula for the drug might be common knowledge (read: no money) but the patent provides the holder an insurmountable conveyance hurdle. Again, think about the knowledge that an income tax accountant holds. If everyone suddenly shared this knowledge, the income tax accountant would soon be out of a job. If you suddenly mind-melded with all of your neighbors and shared the same knowledge about (previously) valuable information, it would soon be worthless or common.

Again, the conveyance hurdles associated with knowledge have an economic value. Not the knowledge itself.

May 28, 2009
Craig's List.

The concept is still in it's infancy. I know it's not exactly what you have in mind. You aren't always aware of something that you know that would be valuable to others. With Craig's list ads, you know what you value, and are looking to connect with others who value it and are willing to pay.
May 28, 2009
You can always create and hold some kind of "Life Skills Fair" at your local community college, retirement center, or even the local library. Sadly, although everyone likely could learn something of value from their neighbors, many people would rather not deal with the hassle of socializing with other strangers. I blame the internet and the delicious nature of Doritos chips for this fairly recent anti-social trend among the population at large.

At any rate, if you set up an actual event, it is almost a guarantee that the very people who show up will have something of value to offer you, and hopefully they will be able to learn something from the other participants as well since they were interested enough to actually drive down to wherever the meeting or fair is being held. That sounds like a win-win to me.
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