How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy does not allow us to consume whatever we want whenever we want, which obviates the need for money. Therefore, we must use this devilish construct called money to allocate scarce resources. Money and markets combine to produce the best tool to inform society what to produce, in what quantities, and who should receive it. The market price of a good adjudicates scarcity. It follows, then, that the price of money and its quantity are the two most important variables in any society. Perversion of one or both variables leads to societal dysfunction. Every economic “ism” offers a theory of how to denigrate or glorify markets, and all contain a modicum of monetary manipulation.
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33 sats \ 0 replies \ @Undisciplined 22h
Not really. Money quality is important, but quantity doesn't matter much as long as there's enough to facilitate transactions. Changing quantity does matter, but that should itself be considered a money quality.
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