43. Bitcoin and market efficiency
The Bitcoin Standard Podcast
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The Problem With All Calculation in Economics
All calculation in economics is essentially useless from a loss-term perspective because there's no unit. So when you're talking about utility or any kind of measure that is subjective, there's no way of measuring those things. A measure, you need a unit and the unit needs to be constant between anybody who's coming to contact with the unit. Because without a constant, then that's really the problem with all calculation.
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