Money has three principal functions: as a medium of exchange, as a store of value, and as a unit of account. Secondary attributes that have aided the adoption of various forms of money include interestingness (“Ooh! Look how shiny that gold is!”), uniform divisibility, portability, resistance to counterfeit, and imposeability. That last one is important, because it is what makes state-backed fiat currency the dominant form of money in the world. The U.S. government is territorially and...Read More »
Automation, Space Colonization & The Post-Transactional Economy
Image: NASA “How is this even a business?” my late father asked when I described a notional model for human space colonization. “How are you going to make money? What product are you going to sell?” Admittedly the model — developing a swarm of self-replicating , self-repairing decentralized, solar-powered construction automata and using them to mine asteroids and produce more such automata as well as habitable colonies— is not monetizable in the same fashion that building a picture-sharing...Read More »
Is Jeremy Corbyn The Answer?
Labour’s defeat in the 2015 election may have been as much of a function of demographics as anything much else. As I wrote earlier this week: “Britain is greying, and older people tend to be more conservative.” If that’s the case, then the deck will be stacked against Labour in 2020, and even more so after constituency boundary changes that will help the Tories and hurt Labour. Still, the question that Labour members and supporters should be asking themselves is: which one of the candidates...Read More »