326 sats \ 1 reply \ @elvismercury OP 4 Oct 2023 \ parent \ on: Lyn Alden book club part I bitcoin
Yeah, that's a really interesting philosophical / ethical point, I think -- the "pure" Austrian view, so far as I can tell from reading Mises and others, is that money is really the world's vote on how much value a person provides to the collective.
It seems glaringly obvious to me that this surface-level read misses a lot of stuff, or at least, requires some deep nuance to make sense of. For one, you have to be very clear on what your terms mean, e.g., what it means to "provide value" -- it's easy to confound that with "being a decent human being" (and now we have to define decent), and those are correlated, but not identical. We all know rich assholes and psychopaths. But there's nothing that says a psychopath couldn't delight hundreds of millions people, e.g., Steve Jobs.
Anyway, it's a worthy thing to wrestle with.
Value is of course subjective but probably quite predictable. In pre-industrial societies meat maybe more valuable than maize, until there is a limit in meat prior to a hunting party going out etc. and then other staples are valued more highly. Meeting basic human needs;food, shelter, warmth will also be prioritised.
But what is that as societies increase beyond a certain size or collection of kinship/familial groups their is a requirement to verify value rather than trust it.
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