pull down to refresh

92 sats \ 3 replies \ @Undisciplined 25 Jan \ parent \ on: Where does Eugene Fama think currency gets its value from? econ
That's what I was attempting to describe:
  1. A commodity is widely used in exchanges, for whatever reasons.
  2. People accept the commodity because it's widely used in exchanges.
write
preview
25 sats \ 2 replies \ @denlillaapan 25 Jan
Yeye, but that stable equilibrium, Mises teaches us, isn't a paradox or resting on nothing but air. Regression theorem idea is tha we can regress it back in time to when/where there was no monetary premium and just utility value.
(You know this, of course, just spelling it out for others+clarifying that this is what you meant)
reply
13 sats \ 1 reply \ @Undisciplined 25 Jan
Yeah, I'm also talking about the more conventional type of equilibrium condition, rather than the Evenly Rotating Economy concept that Austrians prefer, and which has no money.
reply
22 sats \ 0 replies \ @denlillaapan 25 Jan
that's very close to the Black/Fama-type idea in new monetary econ, I believe. (though from very different theoretical approaches)
reply