My point is the temporal nature of savings is a social construct. Even with sound money, it's not a perfect proxy for the availability of capital, nor does it account for capital depreciation across time, relative to the production in which the savings were accumulated.
You can do some basic thought experiments here to realize how this concept is purely normative.
Let's say you diligently saved up bitcoin for your whole life, and then suddenly, one day, every factory in the planet shut down. For whatever reason. Alien mind control, whatever. The point is you just have to imagine everyone stopped making "stuff" all at once.
What would your bitcoin be "worth"?
It's a silly example, but it reveals the socially contingent nature of all of this.
brockm / Mike Brock
npub1hy…wk7cp
2023-10-27 14:11:44
in reply to nevent1q…v3g5
Author Public Key
npub1hyqrsvl6hle8r5rc9cpshesm0mpcee75tgde4p5lhke5h83dyqqqdwk7cpPublished at
2023-10-27 14:11:44Event JSON
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"content": "My point is the temporal nature of savings is a social construct. Even with sound money, it's not a perfect proxy for the availability of capital, nor does it account for capital depreciation across time, relative to the production in which the savings were accumulated. \n\nYou can do some basic thought experiments here to realize how this concept is purely normative. \n\nLet's say you diligently saved up bitcoin for your whole life, and then suddenly, one day, every factory in the planet shut down. For whatever reason. Alien mind control, whatever. The point is you just have to imagine everyone stopped making \"stuff\" all at once. \n\nWhat would your bitcoin be \"worth\"?\n\nIt's a silly example, but it reveals the socially contingent nature of all of this.",
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