The Ever-Evolving Economy and the Science of Forgetting: Connecting the Dots

The Ever-Evolving Economy and the Science of Forgetting: Connecting the Dots

"The ____ Economy". This phrase has become a common descriptor for various economic trends that have emerged in recent years. From the Information Economy in the 90s to the more recent Creator Economy, these categories have shaped the way we interact with technology and make money. Jeff Jordan, a seasoned entrepreneur, believes that economic empowerment is the key to success in these platforms. The ability to help people make money is crucial for a platform's longevity and growth.

Interestingly, many successful consumer platforms didn't start out with the intention of helping people make money. Instagram, Youtube, and Twitch began as social networks focused on fun, status, and connection. However, as these platforms grew, users discovered the potential to generate income from them. This realization changed the trajectory of these companies and solidified the importance of economic empowerment.

The rise of the creator economy further emphasized the desire for individuals to become creators. The promise of fame, connection, and creative freedom made it an attractive career path for many. Vitalik Buterin, the co-founder of Ethereum, even stated that a project with a soul can surpass a billion dollars of capital. This highlights the enduring nature of "The ____ Economy" and its potential for building successful platforms.

While the economy continues to evolve, our memories of past events tend to fade. According to cognitive psychology professor Norman Brown, forgetting is the default state of our brains. Our memory goes through three phases: encoding, consolidation, and retrieval. Without consolidation, much of the encoded information is lost. This consolidation often occurs during sleep, making memories more stable and long-term.

The hippocampus, a key memory center, plays a crucial role in storing and retrieving memories. Memories are linked to our life stories and the events that personally affected us. However, as we experience more events, it becomes increasingly challenging to capture and retain all of them. New memories interfere with older ones, and uniform events are harder to recall.

In the context of the COVID-19 pandemic, society as a whole may not want to hold onto these memories. People tend to view the future more positively than the past, as the future can be imagined in various ways. Remembering the past is influenced by our current emotions, knowledge, and attitudes. This bias towards the future may affect how we look back on the pandemic and shape our approach to the future.

To preserve autobiographical memories, history must take our lives and turn them upside down. While parents pass on their knowledge and family history to future generations, these memories tend to fade after two or three generations. Without cultural artifacts such as books, movies, and museums, memories of the pandemic may be consigned to the dustbin of history.

In conclusion, the evolution of various economies has transformed the landscape of technology and entrepreneurship. Economic empowerment and the ability to help people make money are crucial factors for the success of platforms. Simultaneously, our memories are inherently prone to forgetting. Understanding the science behind memory consolidation and retrieval can shed light on why we may lose our pandemic memories over time.

Three actionable advice:

1. For founders and investors, consider whether your platform has the potential to create "The ____ Economy" and help people make money.
2. Prioritize the fun, cool, and interesting aspects of your platform to inspire and motivate users.
3. Recognize the importance of cultural artifacts and storytelling in preserving memories for future generations.

The ____ Economy is here to stay, constantly evolving and shaping the way we interact with technology and make money. While memories may fade, the impact of these economic trends will continue to shape our lives for years to come. It is up to us to embrace the opportunities they present and ensure that our memories are not lost in the sands of time.