Generally speaking, the harder something is to do, find, or have, the more it’s worth. That value is further pushed up by the people who care about it.
I’m constantly amazed how dramatically technology changes what’s scarce, and therefore what’s valuable. Two centuries ago, traveling 300 miles required fit horses, enduring the weather, and the better part of a week. Today, a tank of gas and less than a day is all you need to cover that same distance. Once upon a time, traveling to places hundreds of miles was rare. Now it’s not. Our perception of what’s valuable in terms of transportation has completely shifted.
What’s more, the rate at which life-altering technology emerges is accelerating. The first iPhone came out in 2007. In about 10 years, just about everyone has a smartphone. Connecting with people and media is no longer a challenge. These days what’s worthwhile is deciding who and what you pay attention to.
New technology requires us to learn. Not just the practical aspects of how to use it, but the impact on our lives. What used to be hard can be easy, but what used to be easy can also become hard. Trying to understand what’s rare at this moment, and the value that follows, is an analysis I find myself doing more and more often.