Here's what @NickSzabo4 wrote contra David Graeber, five years before "Debt: The First 5000 Years": http://unenumerated.blogspot.com/2006/06/menger-on-money-right-and-wrong.html …
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@zooko@NickSzabo4@iang_fc@oleganza A key point from Graeber (and Mauss): transactions don't "complete", they have lingering expectations
@socrates1024 @zooko @iang_fc @oleganza Key point they miss: lingering expectations are error-prone, debatable, risky, costly.
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@NickSzabo4@zooko@iang_fc@oleganza Sure, but a) they're prevalent, b) they aren't obviated by money, rather by contract enforcement -
@socrates1024@zooko@iang_fc@oleganza They are greatly reduced by substituting collectibles/money-for-services/goods txs for in-kind debt. -
@socrates1024@zooko@iang_fc@oleganza Enforcement of in-kind contracts expensive: value of apples vs. back-scratches --> huge debates. -
@NickSzabo4@zooko@iang_fc@oleganza This supports Graeber: origin of money is to simplify "wet" credit, vs. to simplify barter -
@socrates1024@zooko@iang_fc@oleganza You mean Graeber supports me? I wrote first. BTW it happened 10,000s of years before Sumer. -
@NickSzabo4@iang_fc Agreed :) I'm reacting to@zooko and@oleganza who seem to suggest you and Graeber offer opposing arguments -
@socrates1024@iang_fc@zooko@oleganza Graeber greatly underestimates tx costs of in-kind reciprocation & falsely excludes earlier money. -
@socrates1024@iang_fc@zooko@oleganza A Graeber society would be endless debates & wars over how many back-scratches per apple.
End of conversation
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@socrates1024@zooko@iang_fc@oleganza Collectibles/money greatly reduced these transactions costs.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@socrates1024@zooko@iang_fc@oleganza Even more error-prone when no standard of value: how many apples owed for a back scratch?Thanks. Twitter will use this to make your timeline better. UndoUndo
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@NickSzabo4@socrates1024@zooko@oleganza in cap markets, observers look at each & every tx to confirm past as futureThanks. Twitter will use this to make your timeline better. UndoUndo
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