Linguistics and Indirect Echange
Language and money have the same origin story. They came about through the decentralized private exchanges of individuals. Hayek refers to these phenomenon as results of spontaneous order. Imagine that! Our primary mode of communication and our medium of indirect exchange are not products of some unelected czar.
Joseph Salerno delivered a delightfully informative afternoon lecture, on the history of money, during a congressional briefing. An individual may directly exchange a good or service for the good or service for the good or service of another individual. This is bartering. The historical problem that often arose with bartering is that direct exchange only works when both parties have exactly what each other wants. For example a person with good A trading with a person with good B does not always desire good B, and vice versa. The solution is to stock up and trade a third commodity C, that many people value but do not need to use as promptly as what they want. This is indirect exchange. Properly speaking, this is money.
The diktat of King James (mistranslation of Jacob) brought about the authoring of a bible that enshrined the English language with eudaimonia. The King James Version. However, the English tongue was not crafted by such a central command. The private interactions of influential Germanic tribesmen led to the founding of English. Not the Fuehrer, nor the Kaiser nor the Pope.
Today myriad languages have been standardized and are supplemented with words from centralized boards. Yet the market economy's inexorable mutation is still evident. Through my voluntary interactions with individuals from different regions of the U.S., I have noted examples of changes in the lexicon. Three culprits of evolving diction are ratchet, bougie and swag.
I opine that the current usage of the word ratchet did not come from the dictionary definition, a mechanical device. It is more likely to stem from a mispronunciation or consternation of the word racket, an undesirable ruckus. The word ratchet refers to any behavior or person caught behaving in an obnoxious, sexual or self-demeaning manner. The bourgeoisie are the so-called middle class workers whom ignore the plight of the masses, whilst remaining oblivious to their own submission to the private owners of the means of production. In short, elitists not at the highest echelon. Bougie, an overt shortening of bourgeoise, refers to persons that display particularly discriminating tastes. Prices occur in the market, because of the oscillating discriminatory whims of the populace. However, bougie people are seen as picky in their selections. Mises would be appalled, but Marx & Engels would be beaming with pride. Swagger is a purposefully braggadocios gait. Swag is its descendant. Swag has come to denote supreme confidence, stylish attire and a filler word for Lil B fanatics.
The remarkable aspect of these innovations is that they sprouted without the watering of a cold government bureaucrat's hand. Instead, the Adam Smith's invisible hand handled this harvest of ideas. Just as it did the linguistics and indirect exchange. Leave humans alone to interact voluntarily, and appreciate the beauty that unfolds.