Long Read: How money works
Paras Chopra | 29 minutes
Remember: money is nothing but a medium of exchange. It’s a commodity whose utility is in granting you purchasing power. If the amount of stuff remains finite in the world, more money will equate to less purchasing power (over that stuff). And whoever controls the supply of purchasing power will do it for their own benefit.
However, also remember that the amount of stuff is not finite in the world. In fact, technology has a commoditization effect. It makes more stuff available and hence has a deflationary effect.
The consequence of more stuff available in the world and more money available in the world is that anything that’s rare and valuable becomes astronomically more expensive.
Snippets
You have a plan. A time-traveller from 2030 appears and tells you your plan failed.
Which part of your plan do you think is the one that fails?
Fix that part.
- Ideopunk, 100 tips for a better life
Use this rule if you’re often over-committed or too scattered. If you’re not saying “HELL YEAH!” about something, say no.
- Derek Sivers, No “yes.” Either “HELL YEAH!” or “no.”
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