There's no such thing as an objective measurement in macroeconomics. You're always measuring from some normative frame. In other words, relative to what you think *ought* to be true about the world.
There's no such thing as objective value. There's no such thing as objective measure of inflation (no, seriously).
Prices emerge from our preferences. Value emerges from our sentiments.
Sound money doesn't change this. Because the whole concept of sound money emerges from a normative foundations, on how money ought to work. Why should money retain its value across time and space? The only reason is because we all want it to! Not because that's objectively more efficient.
brockm / Mike Brock
npub1hy…wk7cp
2023-10-27 13:50:30
Author Public Key
npub1hyqrsvl6hle8r5rc9cpshesm0mpcee75tgde4p5lhke5h83dyqqqdwk7cpPublished at
2023-10-27 13:50:30Event JSON
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"content": "There's no such thing as an objective measurement in macroeconomics. You're always measuring from some normative frame. In other words, relative to what you think *ought* to be true about the world. \n\nThere's no such thing as objective value. There's no such thing as objective measure of inflation (no, seriously).\n\nPrices emerge from our preferences. Value emerges from our sentiments.\n\nSound money doesn't change this. Because the whole concept of sound money emerges from a normative foundations, on how money ought to work. Why should money retain its value across time and space? The only reason is because we all want it to! Not because that's objectively more efficient.",
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