RE: [LandCafe] Re: Happy "Intrinsic Day"
You didn't like me using "intrinsic" for the value of the gold in a
gold mine. Well, I thought it was a useful word even though you
suggested economists would regard me as an ignoramus if I used it.
I was dealing with something else in some economics books when I
remembered this little confrontation so I checked Samuelson and
In my old copy of Samuelson -
Samuelson 12th Edition (Glossary)
Intrinsic value (of money)
The commodity value of a piece of money.
My later edition said the same thing.
McConnell and Brue Economics is now the best selling modern text. Some
4.5 million US students have used it. It is published in several
Intrinsic value (Page 265) 14th Edition
This means the intrinsic value - the value of the bullion (metal)
contained in the coin itself - is less than the face value of the
So these eminent economists use intrinsic to describe the inherent
value within a coin. I used it to describe the inherent value of gold
within a mine.
A perfectly valid use and one that describes the situation well.
The Austrians strongly dislike the word because it conflicts with
their subjective value theory, but then . . .
Henry George School of Los Angeles
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- Quoting Matt Bieker on Sat, 06 Jun 2009 17:57:56 -0000:
When you agree it's sound policy to stone drunken rebellious sons,
get back to me with this argument. Until then, I will be ignoring it.
I suppose you prefer to kill the prophets, and stone
them that are sent unto thee (Luk 13:34). (That and
Luk 20:6 are the only occurrences of the verb "stone"
in the book of Luke.)
Fwiw, I had an acquaintance (got arsoned to death) who
reserved the right to abort her offspring to age 26.
Your true disagreement seems to be with:
"Thou shalt not steal." (Several occurrences, first is
Exd 20:15, and also including Luke 18:20)
"Just balances, just weights, a just ephah, and a just hin, shall ye have"
(First occurrence Lev 19:36)
and to bring closer to topical:
"Thou shalt not remove thy neighbour's landmark" (Deu 19:14, etc.)
Repudiated (or variable) "money" is theft. Don't like
it; put an expiration date on the notes. (Every bank in
the U.S. does that; checks become non-negotiable after
6 months.) Meanwhile, there's nothing except a lot
of red tape (cf. Bernard Nothaus' troubles) stopping
you and Stephen Zarlenga from offering Gesell notes.
Could you please continue your petty bickering? I find it intriguing.
-Lt. Cmdr. Data (Haven (1987))