{"podcast":{"title":"Lend Hoping Nothing Podcast","slug":"lend-hoping-nothing-podcast-6322350","podcast_index_feed_id":6322350,"rss_url":"https://api.substack.com/feed/podcast/1059332.rss","website_url":"https://lendhopingnothing.substack.com/podcast","image_url":"https://substackcdn.com/feed/podcast/1059332/3a5e07dbf7d43d55615c3e2ab2931414.jpg","author":"Michael Humpherys","episode_count":34,"summary":"Catholic Doctrine of Usury","last_synced_at":"2026-07-29T10:18:47.423910+00:00","page_url":"https://stenobird.com/podcast/lend-hoping-nothing-podcast-6322350"},"episode":{"title":"Episode 16 - The Metaphysics of Money","slug":"episode-16-the-metaphysics-of-money","published_at":"2024-04-10T16:54:41+00:00","page_url":"https://stenobird.com/podcast/lend-hoping-nothing-podcast-6322350/episode-16-the-metaphysics-of-money","show_page_url":"https://stenobird.com/podcast/lend-hoping-nothing-podcast-6322350","url":"https://lendhopingnothing.substack.com/p/episode-16-the-metaphysics-of-money","audio_url":"https://api.substack.com/feed/podcast/143453381/52fc778b26757772c8bebc4507bc3ad3.mp3","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","meta_description":"Three Modern Functions (Plus One) * Medium of Exchange * Unit of Account * Store of Value * Established by Convention/Law Account of Money * Necessity of…","key_points":[],"chapters":[],"topics":[],"duration_seconds":1869,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/lend-hoping-nothing-podcast-6322350/episodes/episode-16-the-metaphysics-of-money/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/lend-hoping-nothing-podcast-6322350/episode-16-the-metaphysics-of-money.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}