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10 sats \ 0 replies \ @DeltaClimbs OP 9 Jan 2023 \ parent \ on: The Forgotten Fourth Function of Money bitcoin
I should have referenced this paper, which is not source material, but a more recent interpretation claiming that the monetary functions all arise from the good that is most saleable. https://www.cato.org/blog/three-pronged-blunder-or-what-money-what-it-isnt
I suppose the general concept is there is excessive focus on economic questions related to spot positions, as opposed to legibilizing the fact that most people are holding futures of sorts, and allowing the moneyness of their futures to harden. Money is needed because we have imperfect information, but that does not mean we can radically improve predictions about the future for the interim time without sound money being widely adopted.
Preferences for the future are actually not as subjective as one might think: a steak, a pile of bamboo sticks, or a cellphone -- which one would each individual out of 100 people choose for lunch? -- clearly desires are far more objective than one might realize with a cursory glance.