Proposition: an idealized efficient market would not need money as a store of value at all, only book-keeping. Does this make sense?
.@GordonBrianR yeah that's what I mean... it retains means of exchange function. But store-of-value function becomes unnecessary.
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@vgr how would an economy like that generate profit or accumulate and allocate capital? We need 'slosh' for that, which means a store, no? -
@GordonBrianR slosh is necessary only if information is imperfectly captured. If it is perfectly captured, you can store it in assets. - Show replies
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@vgr@GordonBrianR it implies that you have to work to consume, always.Thanks. Twitter will use this to make your timeline better. UndoUndo
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