Sunday, July 5, 2015

I Owe You One...

Many people see the problems with an economy where money is created as debt.  Some think we should go back to a system where money is backed by precious metals.  A few like Daniel Suelo think we should get rid of money altogether and go to a gift economy.  Either transition would be difficult, however.  Jeff W. had an interesting suggestion on Of Two Minds that would act as a bridge: informal credit.  Put simply, it's when you say "I owe you one" and mean it.  More broadly, it's being in a community where favors are reciprocated.  While the mindset is quite different from the gift economy, all that is really required to switch over is to drop the mental accounting.

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