3 ms·
Apparently a fact you like repeating ;-) <https://hn.algolia.com/?dateRange=all&page=0&prefix=true&query=giordano%20bruno%20money%20by%3Acarapace&sort=byPopula
by dredmorbius 3y ago
Apparently a fact you like repeating ;-) <https://hn.algolia.com/?dateRange=all&page=0&prefix=true&query=giordano%20bruno%20money%20by%3Acarapace&sort=byPopularity&type=comment https://hn.algolia.com/?dateRange=all&page=0&prefix=true&que...>
Would you happen to know where Bruno said this, as it doesn't seem any of your earlier comments gives this vital detail, and I'm not finding any likely references elsewhere?
A definition I find useful (though not entirely accurate) is from William Stanley Jevons who identified a properties of money as:
1. utility and value
2. portability
3. indestructability
4. homogeneity
5. divisibility
6. stability of value, and
7. cognisability
William Stanley Jevons, Money and the Mechanism of Exchange Chapter 5: <https://archive.org/details/cu31924013816172 https://archive.org/details/cu31924013816172>
Points 1, 2, & 3 afford low cost of storage.
Of those, I differ with him on utility and value, as we have fiat currencies and accounts notations of no intrinsic value themselves, rather utility and value are the inverse of trust in the money-issuing authority. "Seignorage" in specie is then a measure of trust, and fiat currency effectively has infinite trust.
My own view is that money is that commodity which has the most universal appeal, that is, it's what is wanted more than any other commodity. That might be a domestic government-issued coin or currency, but often has been something else: currency of some other government (as in Ecuador, El Salvador, Zimbabwe, British Virgin Islands, and Bonaire, the last being a Dutch territory), or physical commodity such as cigarettes, cowhide, beaver pelt, grain, shells, silk, etc.
In high-trust societies, debt and credit substitute for physical tokens.
Thanks.
- carapace 3y ago> Apparently a fact you like repeating ;-) Yeah, I really find it interesting. It's so modern, almost like something from cybernetics. It reminds me of how Gurdjieff said that the "atom" of a phenomenon was the smallest amount of it that evinces all of its qualities. It only took seven years to get a thoughtful reply. Cheers! :) > Would you happen to know where Bruno said this I originally read it in one of Robert Anton Wilson's books (or possible a foreword he wrote for some other book that he didn't write, which probably isn't helpful.) I have no idea where he got it. Certainly money in practice and theory has become much more complex than it was five hundred years ago when he (might have) said it. I should tell you that when it comes to economics I'm basically a troglodyte. I feel higher economics is actually a form of numerology. I won't be offended if you decline to discuss it further with me. :)
- dredmorbius 3y agoThanks!