Friday I just read a piece on the monetary metals by a writer that I hugely respect.  In this rare instance, he is wrong.  He describes Gold as a good with a declining marginal utility. Many important new understandings emerged from Dawn of Gold.  One of them (Chapter 8 – The Measure and the Measured) was that money is not a good.  The logic is quite conclusive.  Menger’s … [Read more...]