How should the money be issued? Who should control the money supply and how?
I can't quite get my head around the idea of "the capacity of work" as a form of money in the sense of how it would play out in the real world.
I like the idea that goods are the products of labor, and goods are valued in money from the buyer paid on demand of the good.
So the good is valued by the buyer by the amount of money being paid, and thus the labour is valued by the price of the sold good.
Now what I don't get is, what is valuing the money in that system?
Money is not a commodity, it is a contract. A contract to pay the bearer on demand in gold or silver or copper or whatever, eggs, sheep or wheat for example, anything really, whatever is the contract, and you must be able to go somewhere to be paid out your contract.
So according to the contract, what is the bearer paid on demand? "the capacity of work" as stated in your quote? Who is paying that? How would that play out exactly? In the form of labour?
How is "the capacity of work" defined in a monetary sense?
I have the capacity to work, but until I work and produce something I haven't done anything, and I could choose to do a million different things with my capacity.
Until I discharge my energy into a given work, it is just an idea, and not a physical good.
And so the value of my capacity to work can not yet be determined, unless you pay me beforehand, or i give a price for you to pay and you either accept or decline it.
So where does the value of the currency in such a system derive?
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