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RE: [LandCafe] Re: Happy "Intrinsic Day"

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  • Harry Pollard
    Matt, 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
    Message 1 of 35 , May 4, 2009
      Matt,

      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
      McConnell.

      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
      languages.

      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
      coin.

      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 . . .

      Harry

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    • Scott Bergeson
      Quoting Matt Bieker on Sat, 06 Jun 2009 17:57:56 -0000: ___Matt___ When you agree it s sound policy to stone drunken rebellious sons, get back to me with this
      Message 35 of 35 , Jun 6 11:34 AM
        Quoting Matt Bieker on Sat, 06 Jun 2009 17:57:56 -0000:

        ___Matt___
        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.

        Scott
        ---
        Could you please continue your petty bickering? I find it intriguing.
        -Lt. Cmdr. Data (Haven (1987))
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