Proposition: an idealized efficient market would not need money as a store of value at all, only book-keeping. Does this make sense?
@GordonBrianR slosh is necessary only if information is imperfectly captured. If it is perfectly captured, you can store it in assets.
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@vgr is that then money by another name though? -
@vgr the price I am willing to pay captures/conveys information. And as Hayek noted, prices/costs/profits are high-signal pieces of info. - Show replies
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