"Usury" is still a word in use but now, for legal purposes, it means "interest that a lender charges a borrower at a rate above the lawful ceiling on such charges" rather than just any interest at all.
it is impossible for there to be "financial theory", for the simple reason that money is a human construct, just like the tooth fairie , easter bunny and varios other coolaid cults, but with different characteristics and rules.
And now, with the end of scarcity the feeble rationalisations of printed money are no longer,worth there salt.
As you point out, the difference between money and the tooth fairy is between their characteristics and rules. Economic theory then focuses on money, the economy, and their characteristics and rules to develop insights into patterns, behavior, and previously unseen characteristics inherent to economic theory.
Anyone is free to create a theory of tooth fairies and attempt to find similar relevance.
"Usury" is still a word in use but now, for legal purposes, it means "interest that a lender charges a borrower at a rate above the lawful ceiling on such charges" rather than just any interest at all.
it is impossible for there to be "financial theory", for the simple reason that money is a human construct, just like the tooth fairie , easter bunny and varios other coolaid cults, but with different characteristics and rules. And now, with the end of scarcity the feeble rationalisations of printed money are no longer,worth there salt.
As you point out, the difference between money and the tooth fairy is between their characteristics and rules. Economic theory then focuses on money, the economy, and their characteristics and rules to develop insights into patterns, behavior, and previously unseen characteristics inherent to economic theory. Anyone is free to create a theory of tooth fairies and attempt to find similar relevance.
> for the simple reason that money is a human construct
By that reasoning, there's no such thing as "chess theory" either.
> with the end of scarcity
Scarcity ended? Nobody told me!