TLDR?
Discussion
"Mises was wrong"
"Debt/credit has always been money, and it came first"
Sorry frens I'm sticking with Menger / Mises / Rothbard / Murphy on this one.
🤙🏻
Have you actually read it?
I've read reviews of it and his responses to those reviews, both addressing the core argument of my note. Can't read everything!
For some authors or subjects (call it my tier 1) I read everything I can get my hands on.
For the rest (call it tier 2), I read reviews by people I trust to see if the book is worth reading for myself.
Time is short...🤙🏻🤙🏻
Yeah, that’s valid. On the other hand it’s not worth reading the same perspective over and over again. David Graeber explains history and lets you draw your own conclusions. Opposing some austrian ideas is not always argumenting for keynesians. David was really not a fan of current economic & political climate either. Also it’s very worth to understand the how metalic standard and coinage came to be even for austrians.
Thanks for this. Well said.
I have too little time for study, but when I do it's usually in the realm of theology--that's the priority for me, and I read both sides frequently (voraciously?).
We came to the carnivore position years before Ammous' book, as it drastically helped my wife's autoimmune conditions (full remission!) when nothing else helped. I rely on her to pass along signal in the health and fitness realm, she relies on me for theo/philo/econ realm. It's a joyful division of labor, each of us focusing on we are best at and most enjoy.
I agree it's good to reexamine core positions from time to time, but I also agree that "the purpose of having an open mind is much like having an open mouth--to shut it again on something solid." Some things are long settled in my mind. 🤙🏻
Either way, you've challeneged me to bump Graebers book up a notch or two on my "likely reads" list, and for that I thank you.
I asked chat GPT to summarize it:
"Debt: The First 5000 Years" is a book by David Graeber that explores the history, nature, and impact of debt on human societies throughout the ages. It challenges common assumptions about the origin and nature of debt, and provides a comprehensive examination of its economic, social, and moral implications.
The book is divided into several sections, each focusing on different aspects of debt. Graeber starts by debunking the myth that barter was the original form of economic exchange before the invention of money. He argues that in many societies, debt and credit systems were actually the earliest forms of economic interaction.
Graeber then delves into the historical development of debt, from ancient Mesopotamia to the present day. He examines the evolution of debt in different civilizations and explores how debt relationships have shaped social, political, and economic systems.
Throughout the book, Graeber challenges the prevailing belief that debt is primarily an economic relationship. He argues that debt is a deeply social and moral phenomenon that involves power dynamics, trust, and coercion. He explores how debt has been used as a tool of social control and domination, often leading to cycles of debt bondage and economic inequality.
Furthermore, Graeber discusses the impacts of debt on various aspects of society, such as war, slavery, and the rise of capitalism. He argues that debt has played a significant role in shaping political and economic structures, and has had profound effects on individual lives and social relationships.
Overall, "Debt: The First 5000 Years" provides a rich historical and anthropological analysis of debt as a fundamental aspect of human society. It challenges conventional economic perspectives and offers a thought-provoking exploration of the complex interplay between debt, power, morality, and social relations.