Thursday , April 3 2025
Home / Mike Norman Economics / Myth of Barter

Myth of Barter

Summary:
Here we go with the "myth!" again... but interesting from Clint Ballinger none the less: It is logically not possible, before the tax-credit became a viable base-unit for currencies, to have a credit-system of monetary exchange without first having a unit-of-account to measure that credit in... This "unit" is a typical abstraction (is non-real) created by Science trained people all the time... in order to work with the real...Non science people (B.A. people) would probably not fully understand this... then they claim a contrary view is "myth!" or something...  Just to be clear to anyone wondering why I start 1000 Castaways w a very quick barter story (besides fact I am trying to get general population to "get" MMT). @davidgraeber is simply not correct, overly cited as expert

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

Jeremy Smith writes UK workers’ pay over 6 years – just about keeping up with inflation (but one sector does much better…)

Robert Vienneau writes The Emergence of Triple Switching and the Rarity of Reswitching Explained

Lars Pålsson Syll writes Schuldenbremse bye bye

Robert Skidelsky writes Lord Skidelsky to ask His Majesty’s Government what is their policy with regard to the Ukraine war following the new policy of the government of the United States of America.


Here we go with the "myth!" again... but interesting from Clint Ballinger none the less:

It is logically not possible, before the tax-credit became a viable base-unit for currencies, to have a credit-system of monetary exchange without first having a unit-of-account to measure that credit in...

This "unit" is a typical abstraction (is non-real) created by Science trained people all the time... in order to work with the real...

Non science people (B.A. people) would probably not fully understand this... then they claim a contrary view is "myth!" or something... 

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *