Time, Capital, and Civilization | The Song Series | Episode 1 (WiM080)
The "What is Money?" Show
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The Involuntary Exchange Is Not Building Up Civilization
If you have a capital good, or. the ability to produce something in abundance, you, you know, the marginal utility of an extra unit is probly not going to be worth very much to you. But if it's the first unit to somebody else, that’s going to be very useful to them. And whatever you get back, then you can go use that to go buy something else that you need,. like butter or something like that. The thing that he talks about about a involuntary exchange or crime, is that it it is. It takes away from this virtuous cycle of capital formation and creatingCapital goods and specialization means everyone gets continuous abundance. In a sense, i
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