how is it subjective

More arbitrary than subjective.

production is a physical thing, and we're not basing it purely on *aggregate* production, but the *rate* at which we produce on aggregate as a society

it's an application of modern fischer rate theory to currency with a production spin on it

Production is not a thing till its made

lemmi think. might have jumped the gun

Your making currency on the assumption you can produce something

no in economics, production function is a mathematical representation of the physical process of input to output in producing goods

well every country produces

Thats why everything is fiat

Because of what you said

it's not fiat dude, it's based on a physical system

fiat money is based on arbitrary value judgments created by expectations in interest rate changes

Everything is fiat so there are no restraints on inflation for governments.

formally, fiat money's value is modelled as: risk free rate (treasury bills)+expected rate of return on interest for base rate

Currency from a country is only good if it can produce

brb cooking something

Its based on an assumption

Wait, are you backing your currency with a consumer goods basket?

no, it's backed by the actual marginal aggregate production function

formally, the first derivative of the aggregate production of the country as a function

so the currency changes relative to the rate of production

rate of production is a physical system, it's real not imagined speculation

So paper backed by nothing, but with a constant quantity?

That's still fiat, bruh.

it's backed by the physical rate of production dude

the rate of production isn't speculated on in terms of value

You could say the same about USD.

Or any other fiat currency. It's still fiat.

no..... because I just explained that fiat currency is modeled via fischeran formula

which I literally gave you, I think your problem is you're tackling nuanced economic concepts which you don't quite understand as a layman, no offense

Also another country can btfo your production and beat you. You need to operate in a global market and compete and deal with fluctuating values. There are no constants

Its the incentive to random science

no, because just because we have this system doesn't mean others would employ it, the plutocracies would commit suicide if they adopted this system because it would undermine their money demand power

it's game theoretically optimal too, since your enemies literally can't use it lest they basically become us over time

Venezuela

venezuela had issues because of cia interference

And many many others

@Vril-Gesellschaft so if I redeem one of your "dollars" what do I get?

Gold?

Even gold was traded it was still an issue