Episode
Episode 16 - The Metaphysics of Money
- Podcast
- Lend Hoping Nothing Podcast
- Published
- Apr 10, 2024
- Duration seconds
- 1869
- Processing state
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Summary
Three Modern Functions (Plus One) * Medium of Exchange * Unit of Account * Store of Value * Established by Convention/Law Account of Money * Necessity of exchange * Commutative Justice * Equality in exchange * How many shoes is a house? * Money enters as a measure of diverse goods * measure of human need or desire * Measure must contain that which it measures * Law - measures human behavior (definition of murder) * time - measures motion (clock) * Established by Convention Aristotelian Causes * Final Cause - Faciliate exchange (medium of exchange) * Formal Cause - Measure of value (unit of account) * Material Cause - Something valuable (store of value) * Efficient Cause - Legislator or Community agreeement Implications * In order to be money, a thing must be valuable * cigarettes are valuable before they become money * USD is valuable as a tax coupon * Bitcoin is not valuable and is a waste of time and energy * acts as money only as a sort of similitude * money as measure of human desire, but desire can be irrational * see podcast on economic value * Good Money - Final Cause * needs to be stable * needs to be apt to receive the form * easily divisible and transferable * Bank accounts * securities in themselves, but are not USD * Anything valuable in principle can be money * Money is not a different sort of thing, but a way of using things * All exchange is fundamentally barter This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit lendhopingnothing.substack.com