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This debate is generally between two groups of naive middle class first world white kids talking out of their asses of realities so complex and so far removed from their day to day lives they can barely fathom. The "libertarians" who think sweatshop operators do not have mob enforcers threatening their families, loan sharks, drug dealers and
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[quote] this YAL treated them as if they are the frontrunning writers and inspirations for the movement.[/quote] Milton Friedman and even Ayn Rand are frontrunning writers and inspirations for the libertarian movement, much more than Murray Rothbard or HHH. Of course that's not the opinion held by the libertarian faction here in this site. Some
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One simple way is this. (It's not the only nor the major one, it's just the simplest to understand) With the exception of time, labor and land factors, costs tend to fall due to technology making things cheaper to produce and transport. Market competition forces producers to sell at prices close to their marginal costs. So, lower prices are
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Well, there are several competing organizations, but as the scale and visibility effects of mass media businesses make one or two of them very large and the others very niche. In any case, a "free market" arbitration system won't be necessarily "more just" to the fans of the sport. It might be, but that's not a foregone conclusion
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In real life, there are several ways additional liquidity can be "buffered" before it causes a substantial increase in the price level of the items used to track inflation. People may be hoarding cash for instance. But there might be resources that were idle before and now are trading because of the excess liquidity. Say liquidity is injected
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What I'm calling 'gresham effects' might be very common things, like when we select coins of small denominations to put inside vending machines. 10 coins of a dime are less valuable then 2 coins of 50 cents, because they are so small and dificult to find inside pockets, and then count and handle, and they never ammount to useful amounts
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[quote user="Adam Knot"]Again, I'm not talking about Gresham's Law narrowly interpreted, but what you refer to as "Gresham Effects." The exchange rate is "fixed" not permanently by government, but temporarily by the exchanges such as Mt. Gox. Meanwhile, the buyer who holds both bitcoins and dollars believes that
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Vasili Mitrokhin and Christopher Andrew , The World Was Going Our Way: The KGB and the Battle for the Third World , Basic Books (2005) hardcover, ISBN 0-465-00311-7 , pp. 69-85. Note: Allende made a personal request for Soviet money through his personal contact, KGB officer Svyatoslav Kuznetsov, who rushed to Chile from Mexico City to help him. The
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[quote user="Adam Knot"]It is a theory about why market participants who may believe Bitcoin is superior to and more desirable than fiat currency may nevertheless choose to use fiat currency for purchases instead of bitcoins, and in doing so, effecting a tendency for the "good" money to be withdrawn from circulation leaving the "bad"
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[quote user="Anenome"]One of the key misunderstandings of poeple reading the regression theorem is they focus on the word 'commodity' and then knock bitcoin as having no commodity value.[/quote] And how's that bitcoin has no "commodity value". What has happened to the whole "everything is worth what it's purchaser