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The relative fiat-money-value of two tangible goods is independent of the value of the fiat money and is a meaningful quantity. But you are right that converting everything to its fiat-money value can lead to counterintuitive conclusions. I am thinking that changing the numeraire (see my comment to DoDo in a parallel thread) would be a useful exercise to determine whether a value is real or an artifact of fiat money.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Jun 29th, 2006 at 03:31:26 PM EST
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