Proposition: an idealized efficient market would not need money as a store of value at all, only book-keeping. Does this make sense?
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wait, what? Why? Still need flexible means of exchange, store of value. And fractional reserve banking sounds problematic w/out money.
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. yeah that's what I mean... it retains means of exchange function. But store-of-value function becomes unnecessary.
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how would an economy like that generate profit or accumulate and allocate capital? We need 'slosh' for that, which means a store, no?
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slosh is necessary only if information is imperfectly captured. If it is perfectly captured, you can store it in assets.
