I lately left Czechia, and I’ll most likely by no means return to that nation.  (Not as a result of it’s not value revisiting, however I’ve many different locations that I’d like to go to and restricted time to take action.)

Maybe you’ve had the identical expertise.  You’re on the practice station or airport with a little bit of native money that will likely be ineffective at your subsequent cease.  Too little to change.  What do you have to do with it?

I’ve seen airports with a bin the place additional money might be deposited.  They are saying it’s going to go to charity.  Alternatively, you possibly can burn the foreign money be aware.  What ought to a utilitarian do?  Right here’s how I take into consideration the problem:

1. Assume that it prices 5 cents to fabricate one greenback’s value of Czech foreign money.  Then burning foreign money notes is like donating 95 cents on the greenback to the Czech authorities.  It supplies them with “seignorage”.

2. If I imagine that donating 95 cents to the Czech authorities can have extra constructive results than donating $1 to a charity I do know nothing about, then I ought to burn the foreign money, and vice versa.

If this consequence appears odd, it’s as a result of we’re used to fascinated with foreign money as internet wealth.  Burning cash appears grotesquely wasteful.  The foreign money inventory as a complete is internet wealth, because it supplies helpful transactions companies to society.  However burning one foreign money unit doesn’t considerably scale back that worth of the full foreign money inventory, as it could be nearly costlessly changed by the Czech authorities.   The one waste concerned is the price of printing a unit of recent foreign money.

If you happen to suspect that the amount concept of cash is lurking someplace within the background, you’re appropriate.  However solely in a ceteris paribus sense.  In the long term, boosting the cash provide by X% will scale back the buying energy of every unit of cash by the identical proportion, different issues equal.

PS.  I can’t get used to all of those identify adjustments.  First Bohemia, then Czechoslovakia, then Czech Republic, and now Czechia.  When will they decide on a reputation?  (Sure, I do know–they don’t all cowl precisely the identical area.)

PPS.  As a result of we additionally spent two weeks in Austria, I’ve a number of ideas on why Vienna has as soon as once more topped the rankings of the most livable cities on the planet.

I think that the break-up of the Austro-Hungarian Empire in 1918 not directly precipitated Vienna to grow to be a really good metropolis at this time.  By the early twentieth century, Vienna had quickly expanded right into a metropolis of roughly 2 million, presiding over a big empire.  Buildings constructed in the course of the many years main as much as WWI had loads of character—Vienna has “good bones”.

If the empire had survived, Vienna would have expanded drastically in the course of the twentieth century, including a lot of ugly utilitarian structure, such a public housing initiatives.  However for a small nation similar to Austria, a capital metropolis with 2 million individuals is a lot massive, and therefore Vienna has roughly the identical inhabitants because it had 100 years in the past.  As Austria has grow to be richer after WWII, town expanded to fill out the older metropolis, very like a boy grows into his older brother’s clothes.  It didn’t have so as to add as many ugly buildings as Paris and London, and likewise averted a few of their congestion.

Fashionable Vienna is thus preserved in amber to a better extent than most different European capitals.  Most often, being stagnant is an indication of poverty.  However Austria is a comparatively wealthy nation, with out its capital metropolis being very dynamic.  Maybe it’s that mixture that explains Vienna’s excessive rating.

PPPS.  I took this image in Amsterdam:

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