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"Money is abstract" is a common misconception normal people make about money. This guy has gone from this to the idea that money is a concrete good, then back t
by fiatjaf 10y ago
"Money is abstract" is a common misconception normal people make about money. This guy has gone from this to the idea that money is a concrete good, then back to "money is abstract", as he became more acquainted with modern economic theory -- which is, of course, a crazy delirium.
- chewxy 10y agoHm. perhaps I was unclear. Money is abstract in the same way voltage and current and frequency are abstract - you can't touch or grab a Hertz. In the same way voltage, current and frequency have units of measurements (volt, amp and hertz), money has varying units of measurements too (American Dollars, and over here in Oz we have our own Dollaridoo)
- fiatjaf 10y agoThat's exactly the point. A hertz is abstract, a dollar is not. A gold coin wasn't. Just like an apple is not abstract, money isn't also. (Unless you're talking about the general concept of "money", which is of course abstract, but the general concept of "apple" is abstract also.)