43. Bitcoin and market efficiency
The Bitcoin Standard Podcast
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Is There a Unit of Utility in Economics?
All economic decision making is done with utility. We think of the mental construct of utility, but we have no way of measuring it. It's one of the funniest things in the mainstream economics textbook, how they kind of skip over the fact of the utility that they're discussing. They invent a thing called utel, which is the number of utilities that you get. And it's absolutely absurd to be putting this kind of construct.
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