pacalis

If Housing Were Priced in Gold

Spectre, nice post... Sorry, I got fed up with jrain's comments before I read yours.

If Housing Were Priced in Gold

jrainspe, you have presented some of the worst ideas I have ever read. First, you clearly don't understand the value of gold as a historical medium of exchange. As a medium of exchange it is unusually good because it is relatively rare, in relatively fixed supply, easy to measure, divisible, transportable, and hard to inflate.

In terms of it's value, which is necessarily found in a social context like anything else (including pet rocks and your goofy UN currency) , beyond its medium and aesthetic value, it can be "valued" in terms of well understood capital and labor costs. Gold is very difficult to find and extract. As a result there is by most accounts no expectation of entrepreneurial rents to be found in gold (i.e the whole economy isn't in gold discovery and mining).


On Sep 24 09:59 AM jrainspe wrote:

> Can someone express the "value" of gold in any way other than through
> some other "currency".