(Very little labor remaining in dath ilan is labor that requires absolutely no prior skill, practice, or native talent. But the fact that there are a few things like that which need to be bid into any market, and that everybody has that particular resource to offer, makes it a reasonable-sounding sort of thing to use for a unit of account, assuming that you are otherwise the sort of people who just refuse to accept downward price stickiness and will just repeatedly scream at everyone to adjust their damn prices, instead of going for an inflationary unit of account that means a different thing each year and would require adjusting all the graphs. Some Very Serious People think this was the wrong decision, but it's got a lot of civilizational inertia behind it.)
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(Very little labor remaining in dath ilan is labor that requires absolutely no prior skill, practice, or native talent. But the fact that there are a few things like that which need to be bid into any market, and that everybody has that particular resource to offer, makes it a reasonable-sounding sort of thing to use for a unit of account; assuming that you are otherwise the sort of people who just refuse to accept downward price stickiness and will instead repeatedly scream at everyone to adjust their damn prices more often, instead of going for an inflationary unit of account that means a different thing each year and would require adjusting all the graphs. Some Very Serious People think this was the wrong decision, but it's got a lot of civilizational inertia behind it.) |
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(Very little labor remaining in dath ilan is labor that requires no prior skill, practice, or native talent. But the fact that there are a few things like that which need to be bid into any market, and that everybody has that particular resource to offer, makes it a reasonable-sounding sort of thing to use for a unit of account; assuming that you are otherwise the sort of people who just refuse to accept downward price stickiness and will instead repeatedly scream at everyone to adjust their damn prices more often, instead of going for an inflationary unit of account that means a different thing each year and would require adjusting all the graphs. Some Very Serious People think this was the wrong decision, but it's got a lot of civilizational inertia behind it.) |