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M1ThinkTank: You should change that to "all insider parties voluntarily participate." No, all parties in a free market would voluntarily participate, or they would not, and don't invest in stocks that allow their CEO's to sell company...
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Jaison.... value is subjective... end of story.... A big part of how we differ from mainstream econ and other schools is our view on subjectivity... subjectivity is key in Austrian Economics "It is clear, in these cases of direct exchange of useful...
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"Intrinsic value" depends on the context. The ultimate worth of an object is subjective. If nobody wants it, it has no value. However, when contrasting fiat money to gold, one can say that gold has intrinsic value compared to paper money. In...
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To build upon my last post, I fail to see how demand for money is really any different from demand for other commodities. In the absence of a price ceiling, is there ever any "excess demand" for a particular commodity? No -- as the demand for...