Curt Doolittle

Category: Economics, Finance, and Political Economy

  • Best indicator of trust is the number of non-governmental, domestically marketed

    Best indicator of trust is the number of non-governmental, domestically marketed businesses with over 1000 employees. Low trust societies make many small businesses, and high trust societies large businesses. Low trust require govt support, high trust eschew it.

    Source date (UTC): 2018-03-14 18:13:17 UTC

    Original post: https://twitter.com/i/web/status/973985433624424448

    Reply addressees: @sonshi_com @rockyandmayur

    Replying to: https://twitter.com/i/web/status/973976891949494273

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    Original post: https://twitter.com/i/web/status/973976891949494273

  • The question is, how does one know one is poor except by relative differences in

    The question is, how does one know one is poor except by relative differences in inventory and consumption? Poverty is the natural condition of man. Property and mutual insurance of it, lift us out of poverty. THE ORIGIN OF THE CONCEPT ‘POOR’ “poor’ evolved from pre-Latin *pau-paros “producing little; getting little,” a compound from the roots of paucus “little” (from PIE root *pau- (1) “few, little”) and parare “to produce, bring forth” (from PIE root *pere-(1) “to produce, procure”). In other words, the original meaning of poor in proto indo european (well before the invention of money or money substitutes) was ‘one who produces very little.” And this remains the cause of poverty. One who produces very little and therefore consumes very little. The evolution of money requires the production of surpluses that cannot be consumed and can (must) be traded across production groups in order to obtain that which is not self produced. Barter-price (cattle, chicken, lambs, etc) can function for certain transactions, if those items can serve as a store value (they do). But money must be portable, have a high weight/volume to value (time savings), be unitary measure and divisible, and universally (within the trade network) liquid (in demand).

  • The question is, how does one know one is poor except by relative differences in

    The question is, how does one know one is poor except by relative differences in inventory and consumption? Poverty is the natural condition of man. Property and mutual insurance of it, lift us out of poverty.

    THE ORIGIN OF THE CONCEPT ‘POOR’

    “poor’ evolved from pre-Latin *pau-paros “producing little; getting little,” a compound from the roots of paucus “little” (from PIE root *pau- (1) “few, little”) and parare “to produce, bring forth” (from PIE root *pere-(1) “to produce, procure”).

    In other words, the original meaning of poor in proto indo european (well before the invention of money or money substitutes) was ‘one who produces very little.”

    And this remains the cause of poverty. One who produces very little and therefore consumes very little.

    The evolution of money requires the production of surpluses that cannot be consumed and can (must) be traded across production groups in order to obtain that which is not self produced.

    Barter-price (cattle, chicken, lambs, etc) can function for certain transactions, if those items can serve as a store value (they do).

    But money must be portable, have a high weight/volume to value (time savings), be unitary measure and divisible, and universally (within the trade network) liquid (in demand).

    Source date (UTC): 2018-03-14 11:35:00 UTC

  • The question is, how does one know one is poor except by relative differences in

    The question is, how does one know one is poor except by relative differences in inventory and consumption? Poverty is the natural condition of man. Property and mutual insurance of it, lift us out of poverty. THE ORIGIN OF THE CONCEPT ‘POOR’ “poor’ evolved from pre-Latin *pau-paros “producing little; getting little,” a compound from the roots of paucus “little” (from PIE root *pau- (1) “few, little”) and parare “to produce, bring forth” (from PIE root *pere-(1) “to produce, procure”). In other words, the original meaning of poor in proto indo european (well before the invention of money or money substitutes) was ‘one who produces very little.” And this remains the cause of poverty. One who produces very little and therefore consumes very little. The evolution of money requires the production of surpluses that cannot be consumed and can (must) be traded across production groups in order to obtain that which is not self produced. Barter-price (cattle, chicken, lambs, etc) can function for certain transactions, if those items can serve as a store value (they do). But money must be portable, have a high weight/volume to value (time savings), be unitary measure and divisible, and universally (within the trade network) liquid (in demand).

  • “All money is someone’s debt backed by a promise to redeem the debt. When the mo

    —“All money is someone’s debt backed by a promise to redeem the debt. When the money is issued by the state, then you have its vast assets backing its value and so liquidity is increased compared with individuals issuing currency. This is why the sovereign often appears on the currency.”—- Nope. credit money might be. But commodity money is a store of value already produced. That is what separates commodity money (value stored), fiduciary media (value borrowed), and credit money (value promised), and fiat money – meaning shares in the economy (future value speculated upon). You are using the term ‘money’ by cherry picking properties to suit your argument. The diagram above lists the categories of money from commodity through trade credit. Money = commodity money. Everything else is a substitute of decreasing liquidity of temporal value.

  • “All money is someone’s debt backed by a promise to redeem the debt. When the mo

    —“All money is someone’s debt backed by a promise to redeem the debt. When the money is issued by the state, then you have its vast assets backing its value and so liquidity is increased compared with individuals issuing currency. This is why the sovereign often appears on the currency.”—-

    Nope. credit money might be. But commodity money is a store of value already produced. That is what separates commodity money (value stored), fiduciary media (value borrowed), and credit money (value promised), and fiat money – meaning shares in the economy (future value speculated upon).

    You are using the term ‘money’ by cherry picking properties to suit your argument.

    The diagram above lists the categories of money from commodity through trade credit. Money = commodity money.

    Everything else is a substitute of decreasing liquidity of temporal value.

    Source date (UTC): 2018-03-13 10:21:00 UTC

  • “All money is someone’s debt backed by a promise to redeem the debt. When the mo

    —“All money is someone’s debt backed by a promise to redeem the debt. When the money is issued by the state, then you have its vast assets backing its value and so liquidity is increased compared with individuals issuing currency. This is why the sovereign often appears on the currency.”—- Nope. credit money might be. But commodity money is a store of value already produced. That is what separates commodity money (value stored), fiduciary media (value borrowed), and credit money (value promised), and fiat money – meaning shares in the economy (future value speculated upon). You are using the term ‘money’ by cherry picking properties to suit your argument. The diagram above lists the categories of money from commodity through trade credit. Money = commodity money. Everything else is a substitute of decreasing liquidity of temporal value.

  • Our Only Asset Is Time. Poverty Didn’t Evolve. Wealth Did.

    Poverty didn’t evolve, wealth and money evolved. Poverty is merely a relative assessment of one’s ability to consume. Hence why indigenous peoples commit suicide in droves once aware of their relative condition. That relative condition is poverty. However, it can only be known to be poverty once one is aware of a relative condition. Prosperity (wealth) evolved from the division of labor. Money of some kind (commodities) is necessary to remove frictions to the coincidence of wants in a division of labor. Prices are necessary to allow planning, complex production of multi-part products and services, credit, and debt. Non-Commodity Money is necessary to reduce frictions to the coincidence of wants, that limits the expansion of trade. ****Our only asset is time. We are not wealthier than cavemen. We have simply made all goods, services, and information cheaper, through the division of knowledge and labor using the information system we call money and prices. This is the most important lesson of economics. All understanding of wealth exists in this one paragraph.****

  • OUR ONLY ASSET IS TIME. POVERTY DIDN’T EVOLVE. WEALTH DID. Poverty didn’t evolve

    OUR ONLY ASSET IS TIME. POVERTY DIDN’T EVOLVE. WEALTH DID.

    Poverty didn’t evolve, wealth and money evolved.

    Poverty is merely a relative assessment of one’s ability to consume.

    Hence why indigenous peoples commit suicide in droves once aware of their relative condition.

    That relative condition is poverty.

    However, it can only be known to be poverty once one is aware of a relative condition.

    Prosperity (wealth) evolved from the division of labor.

    Money of some kind (commodities) is necessary to remove frictions to the coincidence of wants in a division of labor.

    Prices are necessary to allow planning, complex production of multi-part products and services, credit, and debt.

    Non-Commodity Money is necessary to reduce frictions to the coincidence of wants, that limits the expansion of trade.

    ****Our only asset is time. We are not wealthier than cavemen. We have simply made all goods, services, and information cheaper, through the division of knowledge and labor using the information system we call money and prices. This is the most important lesson of economics. All understanding of wealth exists in this one paragraph.****

    Source date (UTC): 2018-03-13 09:31:00 UTC

  • Our Only Asset Is Time. Poverty Didn’t Evolve. Wealth Did.

    Poverty didn’t evolve, wealth and money evolved. Poverty is merely a relative assessment of one’s ability to consume. Hence why indigenous peoples commit suicide in droves once aware of their relative condition. That relative condition is poverty. However, it can only be known to be poverty once one is aware of a relative condition. Prosperity (wealth) evolved from the division of labor. Money of some kind (commodities) is necessary to remove frictions to the coincidence of wants in a division of labor. Prices are necessary to allow planning, complex production of multi-part products and services, credit, and debt. Non-Commodity Money is necessary to reduce frictions to the coincidence of wants, that limits the expansion of trade. ****Our only asset is time. We are not wealthier than cavemen. We have simply made all goods, services, and information cheaper, through the division of knowledge and labor using the information system we call money and prices. This is the most important lesson of economics. All understanding of wealth exists in this one paragraph.****