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Showing posts from May, 2020

Futurity: section 4 on types of property (pg. 401-457)

This is very long section the Futurity chapter so I will likely break it down into several posts. A couple of key points that are key to understanding this section: 1. The difference between an interval in time (interest payment) and a flow of time during which successive transactions are taking place (profit and loss). This distinction in time will come up often. It has taken me a long time to understand why this matters to Commons and I will share what insights I have. 2. Having a good or service and using it (use value) and being able to exchange that good or service (alienation of the thing) exchange value is critical.  Economics take account of use value but is really about exchange value. 3. Commons also introduces the idea of economic status. Status is "expectation of working rules within which individuals adjust their present behavior" (pg. 412, Commons).  This is important as a status works on both sides of market as a both buyers and sellers conform to patte...