Econs say fiat currency is almost meaningless outside of when it’s actually being traded for goods and services. One way to express the value implied in currenc

Econs say fiat currency is almost meaningless outside of when it’s actually being traded for goods and services. One way to express the value implied in currency is what a constant amount of it may be converted to across different goods. Or if speaking of difference currencies, how much a known constant good/service costs in the local currency and compare that across currencies. This is the basis for the Economists Big Mac index. So yes, when capital as the aggregate of whatever asset gets hoarded away by few people there is inefficiency. An efficient market looks like every market participant (supply and demand side) having only that marginal amount of resource needed to make their marginal contribution towards the total output. It’s also in no market participants interest to run advertisements since they will sell all they produce and have enough resources to produce all that they can. Like producing construction nails or any other good or service that’s never graced an ad.