Saturday, September 20, 2008

Dum Luk's Economics

Money is intrinsically valueless.
It gains value only when two or more parties agree to exchange something of value for it.
Capital, whether land or money or time, is worthless until one or more people agree to do something for it, or with it.

Economic theory is mostly an attempt to obscure this by exalting the owners of capital. This is inherently duplicitous. The scale differential makes it absurd that anyone might own land. Nor does land own people. Does a large mammal own the bacteria in its colon? Or vice versa?

We live in a closed system. One in which every action, or failure to act, has many ramifications beyond its direct effects. Time we started an economy based on that reality.


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