The Importance of Preference in the Unanimity Principle

In the case of a gold standard and a gold producer, all that has to happen is that it's profitable to do so. So what that means is they can produce more gold than they have to spend to produce it. But in the case of fiat money and also fiduciary media, it's at least not as close to the clear. There's not a connection between changes in the supply of those and the preferences of market participants.