What is good about money?

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There are lots of ways to take that question... mainly combinations of the following attributes, I think:

(1) - (a) things that wouldn't work without money, or (b) things that money makes easier but which might be done other ways?
(2) - (a) specific projects, or (b) general areas of social good?

My answers for each possible combination:

1a2a: really can't think of anything, suspect there isn't anything
1b2a: I can only think of classes of project -- basically any project where one person grasps the value of something, would find it very difficult to persuade anyone else of its value, and has the necessary money to pursue it themself.
1a2b: I'll concede that there might be some things in this category, but have not been able to think of anything.
1b2b: initiatives along the general lines of "block grants", where such projects actually do provide benefit; research grants, possibly? I could probably list more, but I'm skeptical that money (at least in its present form) actually makes these things easier than possible alternatives.
Woozle (talk)23:49, 18 July 2020

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Return to Thread:Talk:Money/What is good about money?/reply (7).

 

re 1b2a, Morbius writes (private):

where one person grasps the value of something, would find it very difficult to persuade anyone else of its value

Money itself does not establish value, or in the terminology of economists, does not engage in price discovery. Rather, it serves as a common unit of value once that price is established, usually through market operations.

(I'm leaving entirely untouched the question of whether or not markets are effective, efficient, or accurate in price discovery, though there's a large literature on market failures which touches on this, among others.)

(I'm linking Investopedia not so much as an endorsement or agreement, but because it does reasonably represent the orthodox agreement and definition of terms.)

Basically, 1b2a is not an inherent function of money, but of markets, or other forms of price discovery / value discovery.

Woozle (talk)00:06, 19 July 2020
 

re 1b2b (block grants), Morbius writes (private):

again, not intrinsically about money per se, if I'm reading you right, but about resource (or demand-rights) allocation. That is, do individuals (or organisations) have some right to a basic income or stipend, and if so, how much.

Keep in mind that any grant of right of demand is at least analogous to money, that is, someone has some claim on ... some thing, or the right to make a demand or receive an allocation (food, shelter, clothing, education, healthcare, etc.). How that's accounted for, how transferrable or restricted that right is, etc., are additional concerns or considerations.

Woozle (talk)00:10, 19 July 2020