> Good money losses value at a constant, manageable, predictable rate Relative to what? Other currencies? Commodities? Gold? Money doesn't exist in a vacuum.

> Good money losses value at a constant, manageable, predictable rate Relative to what? Other currencies? Commodities? Gold? Money doesn't exist in a vacuum. Good money is stable money is well-governed money. When supply and demand are tailored to suit time-specific economic needs, such as in periods of growth or contraction in order to avoid disasters such as hyperinflation. > If a dollar is held at the end of a day by the same person that held it at the beginning of the day, some utility was left on the table. In a growing economy undergoing inflation, yes. Thing is, nothing can grow forever. If you keep a dollar in your pocket during deflationary times, you are maximizing utility because you can buy more goods tomorrow with that dollar you've saved. So sometimes it makes sense to hoard and save. It's all relative.