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Probably because you aren't literally digging gold out of the ground and reburying it, you are transforming land, labor and capital into a finished product whic
by UncleEntity 8y ago
Probably because you aren't literally digging gold out of the ground and reburying it, you are transforming land, labor and capital into a finished product which, in this case, is gold bullion.
Be like saying digging a hole and "planting" a fencepost is a wasteful activity because the wood was nearly in the same state to begin with.
- zxcmx 8y agoI think the complaint is that the gold bullion will just be hoarded and used as a unit of account. You could have achieved a similar thing with some strokes of a pen. It's wasted effort in the same sense that bitcoin mining is wasted energy.