/lit/ - Literature

[Anonymous No.20699457]

What can I read to have a solid understanding of how money is assigned value, how inflation works and the politics involved? I want like a practical guide to understand nowadays economics

[Anonymous No.20699494]

start with the greeks

[Anonymous No.20699508]

>>20699457
>tales of land and sea
>catch-22
Based hoe.

[Anonymous No.20699509]

If you're just trying to understand the framework that the Fed uses to make decisions, any widely taught econ textbook will do

[Anonymous No.20699552]

>>20699457
Look for a basic orthodox Econ book otherwise you’ll get fairy tales and wishful thinking. tl;dr money works under the same supply and demand laws as anything else.

[Anonymous No.20699566]

>>20699552
>yes goy! just learn orthodox econ!

[Anonymous No.20699577]

>>20699552
If I read a widely known like pic rel, am I going to get a full picture of things? You see, I hate capitalism, but I am willing to learn more about the system I hate, provided it's not just biased crap.

>>20699552
You mean a multi-causal reason for inflation is fairy tales? How are you so sure?

[Anonymous No.20699593]

>>20699566
Orthodox econ is quite useful as a way of predicting how large financial institutions will move.

[Anonymous No.20699604]

>>20699577
Sowell is too critical of the paradigms used to make decisions to give you the ideal insight into how J Pow is thinking. Just get a McGraw-Hill

[Anonymous No.20699610]

>>20699457
capital volume 1 . simple as. everything else is burgeoise make believe.

[Anonymous No.20699617]

>>20699577
>You see, I hate capitalism
>Wants to read based Sowell
You'll grow out of your undergrad phase pretty quickly if you actually bother to read anything by him

[Anonymous No.20699635]

>>20699610
>fails to understand that Land is neither Labor nor Capital
NGMI

[Anonymous No.20699638]

>>20699457
HOW IS THIS LITERATURE?? YOU FUCKING WORTHLESS WASTE OF SPACE??

[Anonymous No.20699649]

>>20699635
It becomes a store of value / exchange value like Gold . Land has no value intrinsically, like air or water but only from the fact that it is essentially a form of money itself .

[Anonymous No.20699651]

>>20699494
Literally this. But specifically go to Aristotle, Nicomachean Ethics, book V (Justice), 1133a10 and read onwards.

[Anonymous No.20699663]

>>20699649
>Land has no value intrinsically, like air or water
Wrong. Gold has no value intrinsically, these three resources do have intrinsic value.

[Anonymous No.20699668]

>>20699649
Land produces Capital through the application of Labor. Never does the Land itself become Capital. Upon this earth there is a fixed amount of Land, and no more can be added. It may be made more useful, more convenient, but that's all.

[Anonymous No.20699674]

>>20699663
they have intrinsic use value , no intrinsic exchange value though, as , in them, no labor is crystallized . Notice that price is different from value . All commodities have a price , not everything that has a price is a commodity though .

[Anonymous No.20699675]

>>20699457
>For any market, or for any economy, if you know the total amount of money (or credit) spent and the total quantity sold, you know everything you need to know to understand it.
Here's 300 pages on inflation and "deleveraging" here
http://nzz-files-prod.s3-website-eu-west-1.amazonaws.com/files/6/0/4/ray_dalio__machine_1.18770604.pdf
> I want like a practical guide to understand nowadays economics
What do you mean by a practical guide? What do you hope to do with this information? What actions do you expect to take?

[Anonymous No.20699713]

>>20699674
>they have intrinsic use value , no intrinsic exchange value though
Intrinsic use value IS intrinsic exchange value, they just may not equate 1:1. The rule is so long as the intrinsic use value is >0, then intrinsic exchange value will be >0.

[Anonymous No.20699744]

>>20699668
Volcanoes can add land.

[Anonymous No.20699757]

>>20699744
They can make Land more useful by raising its surface above sea level, they do not make more.

[Anonymous No.20699892]

>>20699457

[Anonymous No.20699915]

>>20699457
Economics in One Lesson by Henry Hazlitt

[Anonymous No.20699927]

>>20699552
Economics is the one field where you want to stay away from Orthodoxy as much as possible, for the longest time possible.

Read the Austrians. Specifically Rothbard's "Man, Economy and State".

[Anonymous No.20699931]

>>20699494
This always gets me

[Anonymous No.20699954]

>>20699651
Now proportionate return is secured by cross-conjunction. Let A be a builder, B a shoemaker, C a house, D a shoe. The builder, then, must get from the shoemaker the latter's work, and must himself give him in return his own. If, then, first there is proportionate equality of goods, and then reciprocal action takes place, the result we mention will be effected. If not, the bargain is not equal, and does not hold; for there is nothing to prevent the work of the one being better than that of the other; they must therefore be equated. (And this is true of the other arts also; for they would have been destroyed if what the patient suffered had not been just what the agent did, and of the same amount and kind.) For it is not two doctors that associate for exchange, but a doctor and a farmer, or in general people who are different and unequal; but these must be equated. This is why all things that are exchanged must be somehow comparable. It is for this end that money has been introduced, and it becomes in a sense an intermediate; for it measures all things, and therefore the excess and the defect-how many shoes are equal to a house or to a given amount of food. The number of shoes exchanged for a house (or for a given amount of food) must therefore correspond to the ratio of builder to shoemaker. For if this be not so, there will be no exchange and no intercourse. And this proportion will not be effected unless the goods are somehow equal. All goods must therefore be measured by some one thing, as we said before. Now this unit is in truth demand, which holds all things together (for if men did not need one another's goods at all, or did not need them equally, there would be either no exchange or not the same exchange); but money has become by convention a sort of representative of demand; and this is why it has the name 'money' (nomisma)-because it exists not by nature but by law (nomos) and it is in our power to change it and make it useless.

[Anonymous No.20699956]

>>20699954
>>20699651
There will, then, be reciprocity when the terms have been equated so that as farmer is to shoemaker, the amount of the shoemaker's work is to that of the farmer's work for which it exchanges. But we must not bring them into a figure of proportion when they have already exchanged (otherwise one extreme will have both excesses), but when they still have their own goods. Thus they are equals and associates just because this equality can be effected in their case. Let A be a farmer, C food, B a shoemaker, D his product equated to C. If it had not been possible for reciprocity to be thus effected, there would have been no association of the parties. That demand holds things together as a single unit is shown by the fact that when men do not need one another, i.e. when neither needs the other or one does not need the other, they do not exchange, as we do when some one wants what one has oneself, e.g. when people permit the exportation of corn in exchange for wine. This equation therefore must be established. And for the future exchange-that if we do not need a thing now we shall have it if ever we do need it-money is as it were our surety; for it must be possible for us to get what we want by bringing the money. Now the same thing happens to money itself as to goods-it is not always worth the same; yet it tends to be steadier. This is why all goods must have a price set on them; for then there will always be exchange, and if so, association of man with man. Money, then, acting as a measure, makes goods commensurate and equates them; for neither would there have been association if there were not exchange, nor exchange if there were not equality, nor equality if there were not commensurability. Now in truth it is impossible that things differing so much should become commensurate, but with reference to demand they may become so sufficiently. There must, then, be a unit, and that fixed by agreement (for which reason it is called money); for it is this that makes all things commensurate, since all things are measured by money. Let A be a house, B ten minae, C a bed. A is half of B, if the house is worth five minae or equal to them; the bed, C, is a tenth of B; it is plain, then, how many beds are equal to a house, viz. five. That exchange took place thus before there was money is plain; for it makes no difference whether it is five beds that exchange for a house, or the money value of five beds.

[Anonymous No.20699989]

>>20699457
Aristotle's Nicomachean Ethics and Politics (small market, small interest)
Virgil's Georgics (fuck you, work the land)
Macchiavelli's Prince and Discourse on Livy (art of the deal =/= art of war)
Luca Pacioli (accounting for merchants; how banks look at loans)
John Locke's Consequences of Lowering Interest (Private Equity is the only Equity)
Hobbes Leviathan (nonprofits are cool)
Adam Smith's Wealth of Nations (everyone gets a job)
Benjamin Franklin's Autobiography (personal financing and pre-industrial/colonial fiscal policy)
Hamilton/Jefferson letters on First Bank of the US
Henry George's Progress and Poverty (specifically, land value tax theory)
Keynesian General Theories on Employment (debt is good; precursor to modern monetary theory; what created most the world powers today)
Austrian School Economics (specifically, time value money theory)
Milton Friedman's Capitalism & Freedom (boomer idealism that pretends the fed and private banking aren't ran by a small corrupt group of individuals)

after this i recommend more finance literature and stuff on non-Aristotelian logic that tries to overcome market inefficiency by making the market as inefficient as possible

[Anonymous No.20699994]

>>20699744
you can't own a volcano

[Anonymous No.20699995]

>What can I read to have a solid understanding of how money is assigned value.
A fucking fortune cookie. You'll be on the Fed's level within the week.

[Anonymous No.20700012]

>>20699994
You can't own any land in most countries.

[Anonymous No.20700019]

>>20699457
https://youtu.be/qrebO_9bhuM

[Anonymous No.20700020]

>>20700012
and most countries have little control over their land. Ownership is more than a proof of purchase

[Anonymous No.20700662]

>>20699989
top kek that fucking image

[Anonymous No.20701480]

>>20699457
Oh my god don’t listen to any of the retards in this thread ffs. Just read this:

https://www.amazon.com/Concise-Guide-Macroeconomics-Second-Executives-ebook/dp/B00IHGQVSE

Quick read, not too technical, and seems like what you want.