Kling started it, Rowe doesn't yet finish it, so I jump in. Money and mackerels are pretty close.
The Mackerel industry does have a production system, hence it has velocity just like money. How many times do you spend your paycheck? Once, how many times can you eat a Mackerel?Mackerels go from wholesale, processing, shipping, and retail, just like money.
In fact I dare say there is likely a mackerel banking cult that follows the mackerel industry quite closely and lends to mackerel fishermen. This banking industry would like money to flow and grow with each stage of the mackerel industry.
We can even price goods in units of Mackerel is we like, the accuracy depends upon most people eating Mackerel now and then. We can even predict interest rates to a extent by measuring the mackerel population in the ocean, subtracting demand, adding natural growth, and estimating the elasticity of mackerel to other goods. The math gets a banker's yield curve based on the mackerel. Within a known accuracy bound, we can build the inventory yield curve of any good in terms of any other good.
Even when the mackerel is not used for money, there are time when money is not used for exchange. Trades often take place by barter still.
Nick Rowe makes to much of the lightweight nature of money and its ease of use because of literacy. That makes money more accurate, not different.
4 comments:
Matt: how about this?
Does anyone ever buy anything with mackerel, except money? No.
Does anyone ever buy anything with money, except mackerel? Yes. All the time. Everything.
A fisherman can buy money with a ship full of mackerels, and if he often fills his boat, he can buy debt with his mackerels.
The trucker in the shipping harbor will pull up next to the full boats, and leave the empty boats. He does this prior to the exchange of money, basing his deployment strictly on the inventory of mackerels along the harbor.
The fish market and fish restaurant will change menus and inventory levels based simply on seasonal fishing reports without direct reference to retail money prices.
WalMart is famous for adjusting inventory levels faster than prices equilibriate.
Today, oil tracks the value of the dollar very accurately. Oil companies will adjust their pipelines and storage levels to minimize inventory variance, knowing that prices will adjust accurately.
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