Crusoe tried to estimate what tools would be most valuable, given his new environment. The value of a tool as far as he was concerned no longer had anything to do with the money it cost originally.
On a permanently deserted island, money isn’t wealth. Not even gold. It’s heavy. It displaces tools and sinks rafts. It’s a relative liability.
Value is determined by what those who value it expect that it will do for them in the future.
Equal price != equal value in the minds of traders. If it did how would anything ever be bought and sold?
Voluntary exchange is predicated on the inequality of the exchange.
Money allows us to change our minds inexpensively. We can make mistakes about what we need or want, and still recover.
Money isn’t wealth if you are all alone.
The free market is just a collection of people focusing their attention on their own personal and family needs.
Our ancestors voluntarily selected what they wanted to use as money. They did not need a committee to make this decision for them.
Tampering with society’s physical standards is a sign that men have already tampered with corrupted the society’s moral standards.
Coin clipping (tampering) is an ancient practice. This is why coins have those little ridges around them.
If we rig scales to cheat customers, we are implicitly saying either that God doesn’t care or that God can’t do anything about it. 🤯
Money that is artificially overvalued by the government will drive out the money which is artificially undervalued by the government.
But remember, the public wants to be deceived. The public wants to (maybe needs to) believe in something for nothing. The public is crooked, too.
If you enjoyed these reflections, cop Gary’s book The Biblical Blueprint for Money & Banking
