The bane of economics as an intellectual endeavour so far has been its own history.
In entrepreneurial circles there's this observation that the only thing that can sink a good team with a good idea is a bad revenue source early oni, The exact same was true of most sciences, chemistry took a while to separate from alchemy, math needed some time to break free of religion, medicine began as the finer points of the work of a barberii and so on. All these divorces happened centuries ago, but there remain plenty of valuable, upstanding, productive members of the ideal chorus trapped in ungodly matrimonial arrangements with swamp creatures. Or at least so we hope. Such is the case of poor psychology, to this day bogged down by the unwelcome and frankly odorous "contributions" of thousands upon untold thousands of women too lazy to strip, too ugly to act and too stupid to beg.iii
While it may be sad to consider the fate of all these unfortunate trapped souls, sparks off the eternal flame, wasting away quietly, nevertheless this is not a sad day, but a happy occasion. A very happy occasion indeed, for we have gathered here today to witness the separation in holy sense of Economics and Management.
"An Inquiry into the Nature and Causes of the Wealth of Nations", Adam Smith's opus, is their marriage certificate. We're burning it today, all of it, for it is useless. Its title is also quite illustrative of the problem : there's no teleology in economy, yet Smith presumes so. Much like trying to answer as to the utility of the Sun's existence, as if such a thing can ever beiv, Smith would make "nations" (ie, his king) wealthy. This is in no sense the preoccupation of economics, anymore than it is the business of mathematics to make the reader smart, or the problem of medicine to make the subject beautifulv. This slag has to be removed, so let's.
Economy is made out of three elements : Bitcoin, the WoT and #bitcoin-assets. This, at the most basic, most functional, canonical level is what an economy is : the marriage of a medium of exchange, of a punishment gazette and of a public forum. Let's go into detail for each of these, to understand them.
A medium of exchange is any one thing that displays the following properties :
- it is divisible, while the divisions are fungible,
- it is transferable,
- it conserves over time.
That's it, that's strictly all it takes. Items as diverse as gold (a metal), seashells (an organic byproduct), fiats (trademarks) or Bitcoin (a cryptocoin) all satisfy these, and as such can work as mediums of exchange. Since in most cases their competing uses were neglectablevi in practice, the intuitive notion formed in the heads of observant barbers that "currency is fundamental for economy" or that "wealth is based on currency". This is exactly backwards : economy and wealth are fundamental to the item that happens to be used as medium of exchange, because without them... it wouldn't be so used. And so it would be used less. And so it wouldn't matter. You know... just like the press is fundamental for democracy.
Notably, economies exist in places where any of these particular mediums of exchange won't reach. Cell biology is still an exercise in economy, and its medium of exchange is the ADP/ATP cycle. The Sun, like any star, works on an economy system based on elements, chiefly Hydrogen. Cigarettes are the medium of exchange in prison today, but before today was invented they often used saltvii, cocoa beans, barley...
A punishment gazette is any one thing that displays the following properties :
- it is accessible,
- it is permanent,
That's it, that's strictly all it takes. It matters not whether this is an array of pikes lining the highways, with the punished therein impaled, at the disposition of the crows, or a set of scrolls detailing the behaviour of famous people. Just as long as it can be inspected as needed, and can not be ever modifiedviii, the item is a punishment gazette.
A public forum is any one thing that displays the following properties :
- identifies participants,
- permits the conveyance of information
- associates information with identity
Again, this is it. This is all that's needed. There's no requirement against "censorship" : they who can't, by force of either persuasion or arms acquire access to the forum can not be part of the economy.ix Also perhaps worthy of note, the nonsensical "anonymous" derpagex clueless folk are so fond of is an attack on economy.xi
What an economy is not ? Chiefly, it is not a teleology. As far as economy is concerned, it is perfectly indifferent if the entire planet is arid, with average precipitation of one milimeter a year and soil temperatures in the high 50s, or on the contrary incredibly wet. Much like you know, it's indifferent for mathematics if the number 6 is "big" or "small", much like it's indifferent to medicine that in your own opinion a diabetes diagnostic is inappropriate for a nice fellow, upstanding citizen and good father such as yourself.
Economy is not capable, nor should it be abused to try and solve fundamentally political problems, which are best addressed with the traditional tools of addressing political problems : religion. In this sense, the gradual abandonment by "global warming" proponents of economic and other faux-scientific arguments in favour of more direct statements of their religious views is both necessary and unavoidable. There's no "economic" argument for a ban on smoking any more than there's an economic argument for an obligation to smoke, universal or otherwise. There's no "economics of inequality", or "of poverty", and there's no such thing as "sustainable". In short... nothing that preoccupies the self-styled "economists" of today has anything whatsoever to do with economics, much like the preoccupations of barbers 500 years ago were, by and large, barely medicine in any sense.
The beautiful interplay of the punishment gazette and the public forum, as implemented in the WoT and the #bitcoin-assets channel, allowing defense against what's in isolation the silver bullet for any WoT, ie a Sybil should be instructive as to what we are looking at here, in this trinity.
Generally, when people speak of the revolutionary capacity of Bitcoin they use pars pro toto Bitcoin to discuss the whole package, mostly because the importance of the punishment gazette is poorly understood (most people not having any sort of experience leading groups of people) and because the importance of the public forum is dwarved by its ease of deployment and ubiquity (what is the Internet after all if not the superset of all public forums ?). It is important to bear in mind however that Bitcoin is merely a tool, that what we're truly interested in is creating - for the first time in perhaps as long as two centuries - an actual, working economy, and that they who would either defend or attack this goal need to look further than just at the coin itself.
Bitcoin, the WoT and #bitcoin-assets, learn them, understand them, use them. This is the dawn of a new world.———
- Because it will get them doing things they shouldn't be doing. A similar situation is found in sciences, where it's the case that a young smart future researcher does not get to pick his field. Instead, he is picked by random chance as it were, as he'll pursue that one field in which he meets some early success. Something as trivial as an experiment working out will seal a lifetime, irrespective of other considerations, because the bias to do that which can be done rather than die is strong in all living things. [↩]
- Ah, che bel vivere, che bel piacere per un barbiere di qualità! Di qualità! [↩]
- Yes, I'm aware that this seems rather random. This would be strictly due to the fact that you've not given it any thought. Roughly any female of roughly any age could do well as a stripper, all that's required is that she not be lazy, because working out is exactly that : hard work. That aside, I've seen 50yos making more than your average redditard, with the caveat that she made it in a night and they don't make it in a month. I suppose I don't need to explain how the ugly/acting pair works, especially if you've seen Daisy Diamond, with its immortal
another chance. Give me a chance! You have to give me chance to show what I can do. Give me something I can work with. Looking sexy isn't acting! Give me a chance. I can play any role better than anyone else! I can be anything!
No, you have to give me
Actually, that was quite good, only we're not looking for a psycho.
- It can not. Utility is a symbol defined in the context of the owner of the item examined and there only. Further, the owner of any item is he who can destroy it. For these reasons I can consider the utility of my slavegirls, but you can not consider the utility of your wife. You can, obviously, consider the utility to you of the arrangement you have with the woman who is your wife, but this is an entirely different discussion. [↩]
- Barbers, of course, are in the business of making the paying customer "beautiful" in some very mechanical, rule-driven ways. Socially acceptable, is more the term, and if you sometimes wonder why psychiatry is in such dire straits in the US, or why the overmedication trend, or why pretty much the only thing that works there is "emergency medicine", which is to say stopping bleeds and mending fractures... well... it'd be because the US understanding of medicine is not all that well removed from barbery. [↩]
- Sure, you can collect shells, for your own reasons, or make gold into jewelry, or keep fiat currency to wallpaper your house like Weimar Germans. [↩]
- In those places where enough salt in the diet was a problem, which is what allowed early governments to finance themselves by taxing salt in the first place. [↩]
- 1984 attacks this fundamental property of the economy by proposing an alternative universe in which punishment gazettes are [conventionally] impossible. This is fundamentally the reason why the alternative reality therein described never can nor ever could become actual reality : somehow, somewhere the government is keeping its books or else it can't continue to exist. Those can be found, the same principle works to limit a drug cartel or a government, as Snowden well illustrated. [↩]
- This was, historically, the means through which Roman citizens, which is to say white males, assured their supremacy over their various chattels, such as goats, wives or Nigerians. [↩]
- Why exactly it's nonsensical is already covered, in Anonimity, or the urban versus rural dispute. [↩]
- Sort-of like the one explored in 1984, except centered on rendering the public forum inoperable. Consider this footnote an extension of Why I nixed p2p, colored coins and all that jazz into "anonymous" and "trustless" bs. That the medium of exchange works well if it's "anonymous" and "trustless", which really should be properly stated as above, ie that it conserves, does not mean the public forum can be either. Different things, different properties required. [↩]