Now you understand the incompleteness of subjective value theory. It is just that value is subjective at a local scope, and human life is perceived largely from the local scope. But just like we can do math and understand galaxies beyond the human scale, there is a global objectivity in value, which is nothing more than maximizing negative entropy (dubbed exotropy by some). This is what is done most efficiently with freedom and ALL government interference/subsidies is MATHEMATICALLY GUARANTEED to make efficiency drop, and poverty to increase, which is measured in energy.
Bitcoin is what gives you a measure NOW, but total energy is how you measure real world wealth. I explained it all here: https://heaviside.substack.com/p/bitcoin-mining-wastes-energy-but
Is there a relationship between minimized local entropy and Pareto Efficiency?
I've thought about economic order in entropy terms as an analogy, but I've never looked into how literal that relationship is.
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Well, yes, in the sense that all economic decision makers operate to move toward the Pareto frontier, and that movement proceeds at maximum speed when you have free markets, which only are really free when you have sound money.
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