Quote from: johnyj on May 05, 2013, 08:57:04 PM

I just brought up some simple facts and common sense that everybody knows, of course there are lots of different theories and explainations, but I believe the truth is in common sense

Values are all subjective, that's the reason people need to find an anchor, that anchor is money

I read most of the economy books in the school many years ago and I even had a degree in economics, but I don't believe all those books when it comes to money. When you can issue money without doing anything, you can sponsor (with your printed money) what ever economy theory you can find to support your money creation, that's the reason keynesian economics are selected by central banks the latest several decades

Just like in bitcoin community, when people can mine the coin by themselves, they will find what ever economy theory that support a deflative monetary system, and even create such a theory if needed

"Common sense" is a misnomer. The common theme is that people don't use good sense, let alone good reasoning. Where the truth lies is in understanding how humans think, act, and react in an environment given certain conditions (i.e. scarcity.)

Your comment about "finding an anchor" is interesting... I think you may be referring to the ability for money to be the unit of account in a way that enables economic calculation. That being said, to imply that money is then objectively valued in some way is false, even as it allows for sound objective comparisons between goods and services in a relativistic manner across an economy.

As for believing books or theories, that's not what I'm advocating. Instead, I suggest that people use sound reasoning to establish a valid means of understanding events in context. To follow a theory without first reflecting on the fundamental nature of the specific case at hand is asking to be wrong.