when i try to think about money
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don't even get me started on """valuations""" 😩
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i feel like there's some simple conceptual shift that would make me happier but i haven't made it yet. something like giving up on being able to assign every person in the economy a meaningful "net worth"
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imo this is it, replacing "worth" with "what an aggregate of people are willing to pay for right now, with layers of recursion based on other people trying to arbitrage the layers above"
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"gold is worth more than steel" not if I'm trying to make a shovel
"gold sells for more per gram than D2 tool steel"
well ok, if I have a little gold I can run it through a market or two and buy a shovel's worth of steel
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You can go with this:
Most money is credit, but not all money is credit.
In other words:
Most money is financial assets, but some money is and has been final assets.
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- Wealth is stuff people want
- Money makes wealth fungible
- Most wealth degrades over time
- New wealth is created too
- If the ratio of money to wealth stays fixed, the money counts a fixed amount of wealth. But that basically never happens because everything is changing.
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It would be a ponzi if hoomans didn't have the ability to find new things and ways of being that other hoomans value above some of the older things.
When we run out we'll have something to worry about.