tag:blogger.com,1999:blog-5908830827135060852.post6973587848813465792..comments2024-03-01T02:40:14.946-05:00Comments on Bond Economics: Bye, Bye, June!Brian Romanchukhttp://www.blogger.com/profile/02699198289421951151noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5908830827135060852.post-23223861435797638152016-06-04T08:21:02.946-04:002016-06-04T08:21:02.946-04:00That's related to Alex Douglas' discussion...That's related to Alex Douglas' discussion of uncertainty -- you hold money to guard against uncertainty, which a barter model (relative price vector of commodities which tells us all we need to know about value) does not incorporate. Although I agree, you end up debating the metaphysics of uncertainty. I wanted to point out that even if we grant almost all other assumptions, just removing the assumption that everyone is identical kills the argument.Brian Romanchukhttps://www.blogger.com/profile/02699198289421951151noreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-11929456088370067552016-06-04T02:29:05.518-04:002016-06-04T02:29:05.518-04:00Going back to your post on the history of money, I...Going back to your post on the history of money, I would say that there is also another embedded assumption in Nick Rowe's statement. And that is that money is mostly used as a proxy for barter. That is why people want money, that is why people accept money, and that is why money came about. Once you have enough for your taxes, and what you want to trade for, and maybe a little in reserve, money is a nearly worthless hot potato thingy that you are going to pass off to whatever sucker will trade you for it just as soon as you can. Jerry Brownnoreply@blogger.com