Buffett Giving Pledge - Biological Time

Speech by Warren Buffett on Charity...

...More than 99% of my wealth will go to philanthropy during my lifetime or at death. Measured by dollars, this commitment is large. In a comparative sense, though, many individuals give more to others every day... this pledge does not leave me contributing the most precious asset, which is time. Many people, including -- I'm proud to say -- my three children, give extensively of their own time and talents to help others. Gifts of this kind often prove far more valuable than money. A struggling child, befriended and nurtured by a caring mentor, receives a gift whose value far exceeds what can be bestowed by a check...

This passage touches on the subject of biological time.  As any old/dying man can attest, what they most wish for was more time to spend with friends and loved ones (alternatively, the most common regret is likely not spending enough time with friends & family).  Biological time is the most special/precious of commodities we have - it comes only from God.  Unlike most other assets, biological time, once lost/sold, can never be repurchased (despite Juan Ponce de Leon's most ardent attempts).

However, like other commodities, time can sold/exchanged, much to our detriment.  In fact, many who are 'successful' in this world, often have made just such an exchange.  In lieu of spending time with/for others, they have devoted themselves to their crafts... whether that be sports, politics, business, religion, etc (time is the universally accepted currency).

Even those of us who are not at the 'top of the ladder', we have often made bad trades with our time... minutes spent reading pointless articles/tabloids/boxscores (or writing blogs), hours spent playing video games & watching tv, days spent in mindless cubicles with no sense of fulfillment, years spent not loving the people right next to us...


I am not trying to say that all success is bought at the price of time with family, nor that we are all mini-fiends forever scheming of ways to assassinate time (though I imply both).

However, that time (even in the non-physics-Einstein-relativity-light sense) is one of the most important tools/gifts at our disposal is something I believe wholeheartedly.  To those who give their time in the service of neighbors, I salute you!

Usury is the derivation of profit from biological time, which is linked to life, considered sacred, God-given and divine, leading to excessive worrying about money instead of God, thus subjugating a God-given sanctity of life to man-made artificial notions of material wealth 

Living Within Limits - Chapter 22

Discriminating Altruism

Darwin postulated that the nonexistence of altruism amongst different species is one of the default positions of biology.  Hardin carries the argument even further.  Altruism does not even exist for members of the same species, or even the same family.  Take an example.

A parent sacrifices him/herself for a child.  Noble indeed.  However, this act of individual altruism is actually an act of genetic selfishness... via The Selfish Gene theory (Richard Dawkins).  Genes within the parent have passed on 'urges' which work to maintain the survival of the child (new gene carrier), even at the cost of their (old gene carrier) own lives.  For Hardin, this is just another example of the essential role that discrimination plays in altruism.

Praising Discrimination

Hardin argues that 'discrimination is a necessary part of every persisting altruistic behavior.  Why?  Because without discrimination the good effects of altruism would be commonized over the entire population.'  One alternative to discriminating altruism would be universal altruism - a noble intention indeed.  However, it is pointed out that 'the specific shortcoming of universalism is easy to identify: it promotes a pathology... namely the tragedy of the commons'.

What are we to do?  What about altruism?

To be honest, I'm not sure.  As a follower of Jesus, I still adhere to the belief that a major purpose of life is wholeheartedly serving others, without judgement (universal altruism).  At the same time, rationality cautions that such reckless servitude is folly, and altruism without discretion could be quite damaging (money to the beggar for more drugs).

To me, this is reminiscent of the ESS dilemma between the doves and hawks.  As a Christian, we should be as doves.  Yet, this world is a world of hawks.

Nowhere near a final, universal, conclusion, I have arrived at a locale minima in cognitive dissonance.  I think universal altruism should not be inscribed into law.  Instead, I will exercise discretion, though erring on the side of universal altruism, when serving.  I will hope that God gave us good will, in addition to free will.

Random Thoughts...

Money is a form of reciprocal altruism, aka 'I'll scratch your back if you scratch mine'.  In addition, the phrase 'Money is the root of all evil' is actually distorted from a biblical aphorism:

For the love of money is a root of all kinds of evil. (1 Timothy 6:10) 

$600 Billion Challenge (The REAL Trickle Down)

Philanthropy has a place in Capitalism...

Earlier, I submitted data to suggest that traditional economic theory on the trickle-down effect was... discouraging, to say the least.  Greed seemed to be good... but much better for a very few, and mediocre at best for the rest.

It was brought to my attention today, an article which offers a hopeful alternative to traditional economic theory...

The $600 Billion Challenge

Bill Gates, Melinda Gates, and Warren Buffett are asking the nation's billionaires to pledge to give at least half their net worth to charity, in their lifetimes or at death. If their campaign succeeds, it could change the face of philanthropy.

Website: http://www.givingpledge.org/

Patronage has a place in Renaissance...

Pondering about the potential impact that such a campaign would have, led me to one particular historical precedent.  The Renaissance, during 14th century Florence was also funded by the charity of the wealthy; in particular, the Medici Family, one of the first merchant banks in Europe and one of the wealthiest families ever.

Lacking a liquid funding market, artists at the time would often need to find patrons, who would thereby commission works to be done.  The Medici Family was the most lavish of such patrons, directly (or indirectly through control of the Papacy) commissioning many works from the finest artists and inventors of the day, including Donatello, Michelangelo, Brunelleschi, and so many others.

Not being a big believer of coincidences, I believe the extravagant funding of the Medici's were directly responsible for the amazing enlightenment achieved during the Renaissance.  I can only hope that this $600B campaign can act as a similar catalyst for our own times.