Apa yang menyebabkan Rupian sulit menjadi 'unit of account' ('satua ukuran')

1. Mengapa Rupiah sulit menjadi “unit of account”
(= satuan ukuran, unit of measurement) jika hanya
merujuk kepada mata-uang lain
Memandang ekonomi laksana
Form (niskala, tak tampak) dan Medium (sekala, tampak)
::
Value dan Exchange

2. Unit of account, (satuan) ukuran = (measure)
• A unit of account in economics is a nominal monetary
unit of measure or currency used to value/cost goods,
services, assets, liabilities, income, expenses; i.e., any
economic item.
• It is one of three well-known functions of money.
• It lends meaning to profits, losses, liability, or assets.
• https://en.wikipedia.org/wiki/Unit_of_account

3. In the beginning there was exchange
• As exchanges proliferate, a common price for a good, in exchange
for another particular good, will establish itself.
• When each good has a price in terms of some other good, we can
proceed to establish the price of any good in terms of any other
good.
• In effect, every good functions as money.
• Nevertheless, it is practically necessary to have one or two goods
singled out as money, and gold and silver have nearly universally
been adopted for this function.

4. What is the measure of a quantity?
http://www.physchem.co.za/extras/dimensions.htm
Contoh, jika kita membayar Rp12000 untuk tiga (3) telur,
– the amount paid is the physical quantity, tiga (3)
– the unit of currency is the Rupiah (Rp1) dan,
– the measure is the number 12000
The measure of a physical quantity is a
number equal to the physical quantity
divided by the unit.
Quantity: A property that is measured [e.g. mass, length, time, volume, pressure].
Unit: A standard quantity against which a quantity is measured [e.g. gram, metre,
second, litre, pascal; which are units of the above quantities].

5. The essence of “price” (esensi “harga”)
PRICE
=
MONEY
“REAL STUFF”

6. Measure, (ukuran)
=measure
physical quantity
unit
physical quantity = measure × unit

7. Prinsip-prinsip penting (1) –
http://www.slideshare.net/2014LLC/prendology-rev-1-11-192014-pdf
1. The value is intangible. It exists only in the traders’ mind. It
materializes (becomes tangible) when the buyer pays in full.
Thus, the price is buyer defined (i.e., not defined by the
seller), at least as long as the buyer can voluntarily refuse
buying without consequences, because the market is non-
coercive (free) with voluntary traders.
2. The buyer’s biases—and nothing else—define the paid price.
3. Those biases are time related on the 0th, 1st and 2nd order to
the time derivatives of the price.
4. The higher than 2nd order time derivatives and biases are
negligible.

8. Prinsip-prinsip penting (2) –
http://www.slideshare.net/2014LLC/prendology-rev-1-11-192014-pdf
5. The three biases define three components of the value.
6. These three components—and only these three
components—add cumulatively to the instantaneous
value.
7. The value can be influenced by asking price (quotations)
and news (information) on the marketable.
8. Money is a unique commodity—and nothing else but
commodity—in which the price is paid. Its value is also
intangible, even if it is non-fiat, e.g., gold or silver, since
value is imaginary. Fiat money is not money but legal
tender with artificial mandatory value.

9. Apa itu currency? - menurut John Kutyn: "Nature of Money":
"Money must be distinguished from currency. Currency is that which is
used in trade as a means of exchange. While money is a form of currency,
currency is much broader. Money may be thought of as currency which is
issued by authority of the state. Currency may be anything which either
through custom or use is used in trade as a means of exchange. For
example, a promissory note may be used as currency to effect exchanges
of goods and services within a community. However, a promissory note is
not issued under the authority of the state, is not a chattel, and being a
debt , does not provide for a final discharge of debts. Since it is a debt, it’s
acceptance depends on the character and credit of the person who made
the promise to pay money. It has a dual purpose, it can be used to claim
money from the issuer, or it can act as currency. Simply put, a promise to
pay money is not money, though it may be used as currency.“

10. Currency adalah medium of exchange_1
A currency (from Middle English: curraunt, "in circulation", from
Latin: currens, -entis) in the most specific use of the word refers to
money in any form when in actual use or circulation as a medium of
exchange, especially circulating banknotes and coins.[1][2] A more
general definition is that a currency is a system of money (monetary
units) in common use, especially in a nation.[3] Under this definition,
British pounds, U.S. dollars, and European euros are examples of
currency. These various currencies are stores of value, and are
traded between nations in foreign exchange markets, which
determine the relative values of the different currencies.[4]
Currencies in this sense are defined by governments, and each type
has limited boundaries of acceptance.
https://en.wikipedia.org/wiki/Currency

11. Currency adalah medium of exchange_2
Other definitions of the term "currency" are discussed in their
respective synonymous articles banknote, coin, and money. The
latter definition, pertaining to the currency systems of nations, is
the topic of this article. Currencies can be classified into two
monetary systems: fiat money and commodity money, depending
on what guarantees the value (the economy at large vs. the
government's physical metal reserves). Some currencies are legal
tender in certain jurisdictions, which means they cannot be refused
as payment for debt. Others are simply traded for their economic
value. Digital currency arose with the popularity of computers and
the Internet. -- https://en.wikipedia.org/wiki/Currency>

12. Commodity Reserve Currency
• Sederhananya, jika kita tahu (dari pengamatan terus
menerus secara presisi dan akurat - atau mendekati
akurat) ..misalnya: Terdapat X ton Beras Rojolele di
Indonesia saat ini – dan dari saat ke saat – terus
menerus “mengukur” quantity tersebut serta
mengkaitkan quantity tersebut kepada Rupiah
• Maka, jika kita memiliki sejumlah uang (atau misalnya
mencetak mata uang) setara “X ton Beras Rojolele”
tersebut di atas, maka uang tersebut tidak inflasi

13. What “Reserve Currency” Really Means
However, the foundation from which the term “reserve currency”
originated no longer exists. Originally, the term “reserve” referred
to the promise that the currency was backed by and could be
redeemed for a commodity, usually gold, at a promised exchange
ratio. The first truly global reserve currency was the British pound
sterling. Because the Pound was “good as gold,” many countries
found it more convenient to hold pounds rather than gold itself
during the age of the gold standard. The world’s great trading
nations settled their trade in gold, but they might accept pounds
rather than gold, with the confidence that the Bank of England
would hand over the gold at a fixed exchange rate upon
presentment. https://mises.org/library/why-it-matters-if-dollar-
reserve-currency

14. Toward the end of World War II, the US dollar was given this status by
treaty following the Bretton Woods Agreement. The US accumulated
the lion’s share of the world’s gold as the “arsenal of democracy” for
the allies even before we entered the war. (The US still owns more
gold than any other country by a wide margin, with 8,133.5 tons
compared to number two Germany with 3,384.2 tons.)
The International Monetary Fund (IMF) was formed with the express
purpose of monitoring the Federal Reserve’s commitment to Bretton
Woods by ensuring that the Fed did not inflate the dollar and stood
ready to exchange dollars for gold at $35 per ounce. Thusly, countries
had confidence that their dollars held for trading purposes were as
“good as gold,” as had been the British pound at one time.
https://mises.org/library/why-it-matters-if-dollar-reserve-currency

15. Hakekatnya, currency adalah medium of exchange
• “Sesuatu” yang
–Bisa dipercaya
–Bisa membuktikan kepercayaan yang diletakkan
padanya
• Seperti “laik terbang”
• Sesuatu yang bisa menjadi (“berfungsi sebagai”)
medium pertukaran

16. Informasi Harga berbeda dengan Harga
16
Kapasitas Produksi Konsumsi
Informasi Harga vs Harga
Inventory
Inventory Coverage
Feedback loop structure of production and consumption cycles
(Dennis L. Meadows, Dynamics of Commodity Production Cycles, p.19 , Wright-Allen Press, Inc, 1970)
( - ) ( - )
money price
of commodity
commodity price
of money
TINGKAT HARGA /
PRICE-LEVEL
HARGA /
PRICE
Money
in terms of
Commodity
Commodity
in terms of
Money

17. Mengukur (measure) dan menghitung (count)
A. Commodity price of money adalah harga uang dalam ukuran (quantity
of, kuantitas) komoditi; Ini adalah “money in terms of commodity”
B. Money price of commodity adalah harga komoditas dalam hitungan
(numbers of) uang; Ini adalah “commodity in terms of money”
• Hal yang (B) ini kita alami sehari-hari, walau mungkin tak selalu kita
sadari apa sebenarnya hal itu; bedakan antara menghitung (counting)
dan mengukur (measuring)
• Lihat juga George Bateson: “Numbers are the product of counting.
Quantities are the product of measurement.”

18. Dollarization
• Rupiah sekarang praktis tidak punya wujud (formless) karena Rupiah
mengambil US Dollar sebagai wujudnya, tetapi USD sendiri sama
abstraknya dengan Rupiah. Jadi wujud Rupiah tetap saja abstrak
• Pengertian “abstrak/konkrit” di sini mengimplikasikan: address-nya,
alamatnya, actual substratum / substance-nya  wujudnya, (form)
• Perihal Dollarization ini bisa dibaca di link berikut:
http://triplecrisis.com/the-two-meanings-of-dollarization/
• Artikel Dollarization bisa diunduh di
http://www.researchgate.net/publication/261760417_Dollarization

19. • Sekarang “commodity price of money” (= harga uang dalam ukuran
(=wujud, quantity) komoditi) tak seberapa kita hiraukan lagi karena
faktanya kita terlalu lama menganut “US dollar (sebagai) price of
Rupiah”
• Maka ketika USD repot, kita IDR repot juga
• Memang benar USD sekarang “commodity” juga, namun sebagai
“virtual commodity”, bukan commodity yang sebenarnya (aktual), ia
hanya sekedar pen-spesifikasi-an nilai (solely as a specification of value)
..dan kemudian hal itu sendiri mengakibatkan komoditisasi dari USD.
• Sekarang ini USD sebagai komoditi memberi wujud bagi Rupiah; USD
menjadi form (wujud) dari Rupiah
• Relasi Rupiah (IDR) dan USD sekarang bukan relasi yang saling
menjamin (collateral relationality). IDR menjamin USD akan tetapi USD
tidak menjamin IDR.

20. The objective exchange value of the monetary unit can be expressed in units of
any individual commodity. Just as we are in the habit of speaking of a money
price of the other exchangeable goods, so we may conversely speak of the
commodity price of money, and have then so many expressions for the objective
exchange value of money as there are commercial commodities that are
exchanged for money. But these expressions tell us little; they leave unanswered
the questions that we want to solve.
http://www.econlib.org/library/Mises/msT4.html#II.11.4
Nilai tukar objektif dari satuan moneter (monetary unit) bisa dinyatakan dalam
satuan-satuan komoditas apapun. Sebagaimana umumnya kita berbicara tentang
money price of the other exchangeable goods, demikian juga sebaliknya kita bisa
berbicara tentang the commodity price of money, dan maka ada sekian banyak
expressions bagi nilai tukar objektif dari uang sebanyak jumlah jenis komoditas-
komoditas komersil (commercial commodities) yang dipertukarkan dengan uang.
Namun, pernyataan-pernyataan ini hanya menjelaskan sedikit saja kepada kita;
masih meninggalkan persoalan belum terjawab yang perlu dipecahkan.

21. There are two parts to the problem of measuring the objective
exchange value of money.
• First we have to obtain numerical demonstration of the fact of
variations in the objective exchange value of money;
• then the question must be decided whether it is possible to make
a quantitative examination of the causes of particular price
movements, with special reference to the question whether it
would be possible to produce evidence of such variations in the
purchasing power of money as lie on the monetary side of the
ratio.
http://www.econlib.org/library/Mises/msT4.html#II.11.4

22. Ada dua permasalahan pengukuran nilai tukar objektif uang.
1. Kita harus memperoleh pembuktian numerik (numerical demonstration)
terhadap fakta variasi-variasi dalam nilai tukar objective dari uang;
• (ini soal “measurability of outer objective exchange-value ”)
2. Terhadap persoalan itu perlu ditentukan apakah mungkin dilakukan
suatu pemeriksaan kuantitatif (quantitative examination) atas sebab-
sebab (causes) dari gerakan perubahan harga spesifik, dengan secara
khusus merujuk kepada pertanyaan apakah memang ada alatbukti
(evidence) variasi-variasi demikian itu pada daya beli (purchasing power)
dari uang yang terletak pada sisi moneter [goods price of money - DS]
rasio itu.
• (ini soal “measurability of inner objective exchange-value”)
http://www.econlib.org/library/Mises/msT4.html#II.11.4

23. • By "the objective exchange-value of money" we are accordingly to
understand the possibility of obtaining a certain quantity of other
economic goods in exchange for a given quantity of money; and
• by "the price of money" this actual quantity of other goods.
• It is possible to express the exchange value of a unit of money in
units of any other commodity and speak of the commodity price of
money; but in actual life this phraseology and the concept it
expresses are unknown. For nowadays money is the sole indicator
of prices.
• http://www.econlib.org/library/Mises/msT3.html#II.7.11

24. • Harga uang (money price) = Actual quantity of other goods/services
• Exchange value = possibility (probability) untuk mendapatkan
certain quantity of other economic goods for a given quantity of
money
• Commodity price of money = exchange value of a unit of money in
units of any other commodity
• Money price of commodity (sebenarnya ini actual quantity of
goods, adalah indicator of prices.. Ini "harga uang" - tetapi selama
ini hanya merujuk ke pada “dirinya sendiri”: Rupiah merujuk USD
as commodity sebagai wujudnya, sebagai form-nya) akan tetapi
“tetap saja sama abstraknya”

25. Use-Value (nilai-guna) dan Exchange-Value (nilai-tukar)
serupa tetapi tidak sama
(two different forms of the same phenomenon)
• Use value  direct
• Exchange value  indirect (by way of exchange)
In both cases value is the importance that goods acquire for economizing
individuals when these individuals are aware of being dependent on
command of them for the satisfaction of their needs.
What lends a special character, in each of the two cases, to the phenomenon
of value is the fact that goods acquire the importance, to the economizing
individuals commanding them, that we call value by being employed directly
in the first case and indirectly in the second.

26. • This difference is nevertheless of sufficient importance both in
ordinary life and in our science in particular to require specific
terms for each of the two forms of the one general value
phenomenon. Thus we call value in the first case use value, and in
the second case we call it exchange value.
therefore
• Use value, is the importance that goods acquire for us because
they directly assure us the satisfaction of needs that would not
be provided for if we did not have the goods at our command.
• Exchange value is the importance that goods acquire for us
because their possession assures the same result indirectly.

27. Relasi antara Form dan Medium
• Setiap eksistensi adalah eskistensi “sebagai” dan eksistensi “menjadi”
• Relasi ini seperti sebuah tarian (a dance) dengan penarinya (the dancer)
• Sebagai penari apakah ia menjadi tariannya?
• Apakah form (tarian, the dance) dan medium-nya (penari, the dancer)
menyatu?
• NILAI adalah form (the dance), HARGA adalah medium (penari, the
dancer)
• Apakah NILAI dan HARGA-nya menyatu?
• Kasus : Bitcoin harganya tinggi; Tetapi nilainya???...
– Masih sulit sekali untuk diketahui sekarang ini