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42 sats \ 3 replies \ @denlillaapan OP 17h \ parent \ on: MONEY CLASS OF THE DAY: Money Illusion and Unit Bias, Bitcoiner style econ
Yes-ish... Historical record doesn't bear that out. We keep using money weeeeelll into hyperinflation. It certainly fulfils this role in the Western world, covid inflation aside
They continue to use the same type of money, but they do assign a lower and lower value to the currency. So in a sense they do stop accepting it as a valid form of money, because they're not willing to trade it except by multiplying the volume by extremes.
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No, they continue to trade it but faster and faster — hot potato style. Velocity up, etc, cuz on the margin it's more costly for you to hold cash
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I can't argue that people don't give up on their failing fiat as quickly as one might expect
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