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Tuesday, July 11, 2017

Money isn't what you think it is

This is an interesting article that you need to read to disabuse yourself of the idea that gold is money, or even that money is what undergraduate economics says it is:

BBC - what tally sticks tell us about how money works.

This is already discussed in Graeber's Debt: the First 5,000 Years,  but as Graeber's one-a them anarchists, most people in economics completely ignored his book and kept blathering on about money as some sort of thing that keeps its value which all other things must be measured against, and thus it was originally silver or gold, and thus blah blah fiat Weimar Zimbabwe.

No really, "fiat Weimar Zimbabwe" is one thing we learn in undergrad econ.

I think it's also interesting from a social constructionist point of view: money is not even remotely based on the exchange price of goods, we have centuries of proof that is has nothing to do with the exchange price of goods, and yet we've constructed a massive mythology based on utterly zero evidence and utterly zero scholarship that economics professors will spout off with zero thought and zero doubt.

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