Tuesday, October 28, 2008

Glaivester's First Rule of Economics

Never follow the money. Follow the resources. Always when talking about money, ask yourself "what does this actually represent in terms of the distribution of resources?"

Avoid at all costs looking at a moneyed economy as having any irreducible emergent properties that do not exist in a barter economy. That is to say, any emergent properties in a moneyed economy should follow from a logical application of the principles of a barter economy.

That is all.

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