I have to admit to having updated my mind about the “intrinsic value” argument that many people cite as a justification for treating gold as a money (vs paper currency). I’ve previously attempted to explain away this argument as a side-effect of other properties[Gold is Money] or to dismiss it as an unrelated feature[The Commodity […]
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Frank Shostak wrote an article about The Bitcoin Money Myth. For an Austrian economist with “over 35 years of experience as a market economist, central bank analyst, and builder of large scale macro-econometric models”[AAS profile], I’m not wholly surprised that he frames his arguments using the commodity theory of money. Although Shostak does not do […] |
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