No. How about this argument: we already have a stable metric for value, the joule.
Right. So that is a metric of work/energy. Now you might argue that is transferable to value as the markets valuate it and put a price to the commodity produced.
In a way this is relevant, and you might agree that the result is fairly stable as the work involved is fairly stable. But its not perfectly stable.
The metric system does not work because french chefs de cuisine are constantly cooking up new and delicious culinary creations which the rest of the world then follows imitatively. Rather, it works because it is something invented on a scientific basis…
Our view is that if it is viewed scientifically and rationally (which is psychologically difficult!) that money should have the function of a standard of measurement and thus that it should become comparable to the watt or the hour or a degree of temperature.
…this standard, as a basis for the standardization of the value of the international money unit, would remove the political roles of the “grand pardoners,”…
But you have correctly alluded to something. There IS relationship between a possible standard metric of value, and for example, a metric of work/energy.
But the underlying energy cost is not necessarily stable:
We can see that times could change, especially if a “miracle energy source” were found, and thus if a good ICPI is constructed, it should not be expected to be valid as initially defined for all eternity. It would instead be appropriate for it to be regularly readjusted depending on how the patterns of international trade would actually evolve.
We need stability for LONG terms, like cosmologically long term. I have more to say but I need to see what you follow me and what it means to you.
