from Bernie Sanders’s Dark Age Economics by Kevin Williamson in The National Review

excerpts:

Money is a medium of exchange, and prices are a form of communication. What do prices communicate? How much we value certain things relative to other things. This is really helpful: Everything in the economy is in reality priced in terms of other things — everything is relative to everything else — and price tags would look like the Library of Congress if we had to list the price of an airline ticket in wheat, coffee, gold, Bitcoins, signed Andy Warhol prints, Hermès scarves, etc. The underlying hierarchy of relative preferences does not change if you go from U.S. dollars to Swiss francs; you can play with the means of exchange all you like, but you’ll never arrive at a place at which people value a No. 2 pencil (the miraculous No. 2 pencil!) as much as they do a Rolls Royce automobile.

Read more at: http://www.nationalreview.com/article/418926/bernie-sanderss-dark-age-economics-kevin-d-williamson

 

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