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by dredmorbius
2109 days ago
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No, the relative value of stuff is independent of money, certainly of any one currency. Money facilitates exchange. Adam Smith argues this has primacy: "The sole use of money is to circulate consumable goods." Wealth of Nations. Other authors argue for characteristics. William Stanley Jevons properties aren't bulletproof in my view, but are a good departure point: utility and value, portability, indestructability, homogeneity, divisibility, stability of value, and cognisability. https://archive.org/details/cu31924013816172 |
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