Sound money is a matter of social justice

For such a pervasive term, ‘social justice’ is a notoriously tricky concept to quantify. Karl Marx’s notion of social justice was, famously, “From each according to his ability, to each according to his need”. That of the economists of the late nineteenth century was the Marginal Productivity Theory of Distribution. Friedrich Von Hayek claimed to have spent 10 years pondering the matter only to announce that he had “failed”, writing instead that the term was “an empty formula, conventionally used to assert that a particular claim is justified without giving any reason”.

Indeed, there are probably as many opinions on what constitutes social justice as there are individuals capable of holding one. The issue is also confused by the frivolous insertion of the word ‘social’, as though that gives it more weight. It is simply a matter of justice and, personally, I would regard it as unjust for a government or central monetary authority to expropriate the wealth of the poorest members of society via the debasement of their money. Yet, around the world, that is exactly what is happening.

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