Frank wrote on Mar 1
st, 2022 at 4:00pm:
Complete garbaga, again.
Money is a symbol of value.
Correct, but yet, crucially, money is created out of nothing, so exactly what 'value' (in the quantitative sense) does it have?
Quote:You could carry physical objects with you to exchange them for other physical objects but it would be cumbersome in the extreme. It is easier and better to have a unit of measure for the value of various objects and services and exchange that measure (money).
Of course, where did I say otherwise? But you are now straying into the question of "
what determines 'value'"?
Quote:By your idiotic reckoning other measures - metre, hectare, ton, etc - are delusions because they are also ultimately random measures of real thing, length, adea, weight etc
They are not random measures, because they are defined, whereas any attempt to
define the 'value' of money is impossible because such value would need to be be defined in terms of itself, being created out of thin air whereas hectares, tons, metres are not created, they are defined. And neither are commodities eg, gold, created out of thin air. But the
'value' of gold measured in money, - or vice versa - is not fixed
Interestingly, anthropologists agree money is primarily a means to establish state sovereignty; its use as a medium of exchange is incidental to the state's issuance of money to establish state sovereignty over its own citizens.
For example, the Roman empire initiated the first use of money in Britain; the
much simpler economy of the illiterate natives had no need of money because the tribes governed themselves according to defined roles for everyone, not requiring state governance.