Sublime

The Cantillon effect is justified as a public good. The Cantillon effect refers to the phenomenon that newly debased money is not distributed equally throughout society all at once but is introduced in a specific place, giving its initial holders illegitimate purchasing power at everybody else’s expense.

As Hayek put it: “The cause of waves of unemployment is not ‘capitalism’ but governments denying enterprise the right to produce good money.”

Davidson and Rees‐Mogg predict with remarkable prescience the form that the new digital monetary escape hatch will take: cryptographically secured forms of money independent of all physical restrictions that cannot be stopped or confiscated by government authorities.

Hayek gives us the intuition of prices conveying only what market participants deem to be the most important information and actually destroying the rest, and Holland shows how this can be represented with the formalism of complex systems.