In the previous two parts of this series, I argued that sound money in general, and Bitcoin in particular, create incentives for prudence…
Bitcoin and Virtue Part 3: Justice
In the previous two parts of this series, I argued that sound money in general, and Bitcoin in particular, create incentives for prudence and temperance. Specifically, people are incentivized to plan for the future and take the right amount of risk as to not be lazy or greedy.
In this installment, I’ll be exploring how sound money creates incentives for justice, or treating others fairly.
Justice and Government
Justice includes integrity, honesty, keeping of promises and generally respecting the rights of others. Justice encompasses a lot of things, but generally, the word that comes closest to the ancient concept of justice today is fairness.
Classically, justice is about individual action and whether that is fair to other people. Not keeping promises, for example, is considered an unjust action because it’s not fair to the person you made the promise to. When the consequences of such unfairness gets large enough, government is asked to step in. For example, if the promise was of a large amount of money for some good or service and the promise was not kept, governments, usually through the courts, dispense justice by penalizing the offender.
In other words, the government’s responsibility is to correct a specific act of injustice.