It reduces most people's understanding of value to a single scalar, which they then think they can do scalar operations on. Actual value is something complex or hypercomplex, where properties like orderability, commutativity, and associativity do not hold.
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Loss of ability to account for value with anything besides money
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less illegible value creation // over reliance on legibility w/i value creation // societal obfuscation of value creation w/ money creation
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Hard one to quantify (like "quality", a lot of silly words have been written trying), but: capacity to improve life for someone, in some particular way. Most things improve life in more than one way simultaneously, and most of those ways aren't "I can trade this fungibly".
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Money is pretty much *just* valuable for its fungibility. Which means you can trade incompatible things (e.g. "how many lapdances for a print-run of bibles?"), but also means people forget that most valuable things aren't fungible.
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Individuals/groups neglecting non-monetary payoffs of a given activity because they are focused on money.
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It kills jobs by putting barter arbitrageurs out of business
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The ultimate externality of money is that everything that's non-measurable/convertible into financial metrics is an externality. Money is eating its own externalities.
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That's an amazingly complex question
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