/biz/ - Business & Finance

>scarcity determines value
So is this why Ludwig notes that fiat currency's money has an added value due to its being used as an item of exchange? Because the fact that fiat currency has value at all and is not scarce is a hole in the Mengerian theory of value.

>>1800833
>greed deals with wants, not needs.
I beg to differ. The accumulation of food over and above what was necessary was what distinguished the barons from the peasants in feudal England.

I mean, the accumulation of things that satisfy needs but are yet scarce was where the definition of wealth comes in for Carl Menger. And this definition is terrifying if viewed under the light of sustainability in non-economic goods being transformed into economic goods because of a decreasing abundance.

Could it be said that Carl Menger is trying to state that the higher the segregation and length of causality, the more functional and effective the system of exchange will be?