Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Great stuff, MfM

 They essentially say that everything can be reduced to   the use of the money unit of account as shorthand for the maximization of utility in society.  So long as we increase the total social wealth, we make things "better."  The basic idea is that wealth can be viewed objectively (or in Weber's terms formally), and stripped of its substantive context.

It is the "objectification" of both the Money "unit of account" and Property that is at the heart of our problems, I think.

Money and Property in reality are Relationships, not Objects.

Unfortunately we are accustomed to using "deficit-based" Bank-created IOU's/ "Claims over Value" as our Money - which are indeed Objects.

A pile of such "Money as Debt" is not actually "Wealth" but a claim over "Wealth".

Wealth cannot be stripped of its substantive context any more than "Value" can be defined.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Wed Jul 4th, 2007 at 02:41:33 PM EST
[ Parent ]

Others have rated this comment as follows:

linca 4


Occasional Series