Oh dear; I hate disagreeing with this man as I am a big fan of his work, but he is repeating the hoary old mantra that money is a good.
It is not, was not and will never be.
The ‘most marketable good’ is the best trading good, but still a good, not money.
Fiat is a good, though with a value far more unstable than most goods, but a good nevertheless. Crypto currencies are goods, though intangible ones. Real money is not a good.
Gold is a good (value to be measured), up to the point when it becomes of a known weight and fineness, then it becomes money, the measure of value, and is elevated out of the realm of mere goods.
With regard to value; money measures – goods are measured. Simple logic informs that money cannot be a good. The measure cannot be the measured.
This is far more than pedantry. If you track back the myriad misunderstandings of money that leave economists (and their students) dizzy, most stem from the belief that money is just a good.
Ha, ha, there is a little bit of a joke on me here :) Having got to the ‘most marketable good’ hoo-ha in Keith’s article, I stopped reading. Well, I just continued and he has convinced me that Cryptos aren’t goods – where’s the bid as he rightly asks? There is not one because it is a complete intangible. At least with fiat you can still wallpaper the toilet so a bid will always exist. However, the central point of what I wrote remains firm. Money is not a good.