More economic output is important, if present day economic stagnation is to be overcome. However, people are confusing wage increases (on the part of some) with increased output overall, which unfortunately is not the case. Wage gains in aggregate, result from an increased degree of economic activity and circulation of marketplace product. By the same token, any increase in the growth trajectory of nominal income and spending also reflect increased output. Yet the ability to generate additional marketplace capacity has proven difficult of late, since doing so requires defining product along broader lines than governments and private interests alike, have been able to do.
At least for purposes of this post (as a glossary term), think of experiential product as non routine focused attention, intended for assistance in the circumstance and environments of others. Non routine focused attention is vitally important for the economic lives of all individuals, and not to be taken for granted from anyone in one's personal life, otherwise. Each individual's attempt to improve resource utilization and decision making, varies to some extent from the general knowledge sets that society expects to assist those processes. In spite of online assistance in multiple areas of life, confirmation or additional reference points on the part of others, can make a crucial difference in one's ultimate approach.
While I emphasize individual to individual activity as an appropriate starting point for economic gain, some forms of individual and group created experiential product don't need to be expressed on economic terms. Why so? Many spontaneously formed social activities would not benefit (economically) from compensated time value, especially if they are sought primarily as entertainment.
Indeed, the experiential product of entertainment which contains economic value, is that which is prepared for sale by individuals or groups for others as separately existing packages from individual time value. However, experiential time value as spent in entertainment with others (or in personal challenge) is not necessarily linked to group based mutual assistance, because many forms of human activity represent what individuals choose to do in any instance. In particular, activity which is family or otherwise tribal oriented, also tends to be less economically oriented. Think of informal local sporting events for instance, and personal preferences for home based activity which come closer to personal hobbies, than clearly existing family needs.
Such preferences are important to delineate, because compensating already existing time based preferences would remove the impetus for more productive forms of economic activity which encourage individuals to seek out strangers (i.e. more participants) to meet real service based needs. The more willing participants are involved, the less coercion is involved on anyone's part, for any single time based activity.
The whole purpose of envisioning experiential product as a structural economic component, is to bring people together who otherwise don't have sufficient social constructs in place, to be able to imagine doing so. Higher income levels understandably don't recognize what's missing in this regard for lower income levels, because time based services are such a part of daily life for the prior group. Even though lower income levels have a minimal degree of time based health and educational services at their disposal, it is not possible for society to apportion these effectively through asymmetric means. Hence education and healthcare provide an essential starting point, for experiential product in knowledge use systems.
Knowledge use systems would insure that people who otherwise remain socially and economically isolated, have a precise coordination platform which is not open ended (such as LinkedIn) for work potential, but generated to structure work within a defined group on a regular basis, in an ongoing time continuum. Put simply: through a reasonable structure which allows people to call on one another to sort life's confusions and aggravations, personal freedom and autonomy once again become possible.
How to think about experiential product in relation to the ways it has previously been discussed? Some readers may notice some dissimilarity to Wikipedia entries, so I'll look at a few contrasts. For experience good, I found:
...an experience good is a product or service where product characteristics such as quality or price are difficult to observe in advance, but these qualities can be ascertained upon consumption.Experience good as defined by Wikipedia, appeared to be the closest description to defined real time product that was available. This article also stressed the difficulties posed for consumption choices, which in turn leads to lower price elasticity. Another subjective product is referred to as the "experience economy", which may also be thought of as business creating (memorable) customer events. Many knowledge use systems would gain opportunities to pursue this form of product, once they are well established. The prime experiential product I noted was a reference to movies, videos and other mass produced product as generated through time value, prior to sale.
What appears missing from the immediately available online interpretations, is subjective product with a focus on individual assistance. Also - as noted early in this post - contrast non routine personal attention, with the attention required for routine activity or objective service outcomes.
Of course, many time based activities that include specific or standard outcome, are those that are subject to automation - particularly in prosperous regions which include complex economic settings. Presently, individuals are being encouraged to seek work opportunities of a non routine nature, for long term job safety. Even though non routine work is somewhat of a safer bet, asymmetric compensation will continue to face limits due to budget revenue and lack of discretionary income. Hence a symmetric approach could prevent needless unemployment, and allow human capital a more central role as a time based consumption good.
Another way that time based experiential product differs from separately existing product, is the "passive" role of the consumer, in the latter. One of the prime benefits of time based experiential product, is the opportunity it provides for the consumer to take an active role, which translates into a flow of mutual interaction. The blogging format - much as other online formats - can provide an interesting partial time shift, in that some interaction between provider and participant is still possible. Indeed, asymmetric compensation tends to only allow a partial degree of mutual interaction in aggregate, between professionals and consumers.
Even though some knowledge use systems would eventually seek to engage in group based research and development, peer to peer assistance needs to be fully utilized and understood, first. Otherwise, differences in aptitude make it too tempting to divide work patterns in ways which eventually devolve into layers of administration, such as what now exist. By fully integrating peer to peer assistance, automation choices and unemployment would no longer be perceived as threats. Further, the maintenance of a non hierarchical group format, makes symmetric compensation and organization a feasible long term goal.