Alchemists misunderstood both chemistry and economics

metaStatic

Alchemy was an explicitly magical tradition.

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Price is not value. Gold is more valuable (useful) than lead, whatever the price. Clean air was cheap and valuable, now it must be created in a lab.

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Gold is a very useful metal, and I would like it to be as cheap as aluminum. There are so many things you could do with a metal with great conductivity and chemical resistance. Currently, high price is preventing us from building all sorts of things out of it.

Björn Tantau

I love that we now actually can turn base metals into gold. It's just incredibly energy intensive so nobody bothers.

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Lol, I don't think the alchemists were planning on sharing the technique if they found it.

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Mainly the blood though.

JackGreenEarth

"I remember the first time we met you, you told Lyra that if people think you’re trying to make gold out of lead, they think you’re wasting time and they don’t bother to find out what you’re really doing.”

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well the understanding of the world was, that everything has a soul like attribute. and they are in a hirachy from close to god to far from god. so gold was inherantly a very close to god metal and therefore inherantly more worth than lead which was somewhat far from good.

So based on that world view of fixed values based on the christian god, they had no reason to belive the economy might suffer.

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The only way I can see gold becoming cheap being a problem for me is due to it being a problem for rich people and them making it my problem.

𝕽𝖚𝖆𝖎𝖉𝖍𝖗𝖎𝖌𝖍

"... and this particular diamond, although smaller, cost extra blood, and three young children died getting it. That's why, despite being twice the cost, it's the perfect stone for your wedding ring!"

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I always thought about it more in a metaphorical way.

"Alchemists are trying to produce gold (valuable materials) out of less valuable materials."

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Will it though? There are far to many egregiously wealthy people on our current monetary standard, we dont seem to be moving on. I will happily pay someone in leaves though.

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Yeah nowadays that is a common interpretation, and you can try to find support for it in the mysticism with which all of the protosciences were imbued. But I really do think they were aiming for gold. Or were claiming as much, to get sponsorships and such. Kinda like how researchers nowadays will exaggerate their abilities and research goals to get grants.

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Did you know that actual historical alchemy was often banned by various kings and monarchs? They did so not due to superstition, or because alchemy didn't work. Rather, they banned alchemy because it DID work.

We now know that you cannot use chemical reactions, however complex, to turn base metals like lead or copper into silver or gold. However, you can use alchemy to give these base metals the appearance of silver or gold. Alchemists could coat coins in durable coatings that would appear to be like silver or gold. Dip a copper coin in the right solution and it will take on the appearance of gold. And you can then take that coin out of the solution, clean it thoroughly, and the faux-gold treatment will remain. It's not just a layer of paint resting on the surface; the upper layers of copper atoms have actually chemically reacted to produce compounds that give the appearance of gold or silver.

So, even though alchemy didn't work to truly turn lead into gold, from the perspective of a monarch, that didn't actually matter. Because when it comes to currency debasement, making a fake gold coin so good that it fools people is just as good as making real gold. The alchemists couldn't turn create real gold coins, but they could create counterfeit gold coins that could be quite convincing in the right circumstances. They didn't need to create a forgery that could fool a modern PhD chemist with a lab full of equipment; they just needed something that could fool an illiterate 12th century merchant at his shop. The process:

Take a mold or press a stamp of one of the king's official gold coins.
Use the mold or stamp to cast, press, or forge coins out of cheap metals like copper or tin.
Apply an alchemical process to make the copper or tin coin look like gold.
Spend the counterfeit coin as a real coin.

Coins were a better target than bulk gold like bars. With a bar, you would notice that the "gold" has an incorrect density. But a counterfeit coin, mixed in with a larger number of legitimate coins? Easy to pass off as the genuine article.

Kings often banned alchemists from their realms. Practicing alchemy was often a capital offense. In terms of true elemental transfiguration, alchemy failed. In terms of the ability to create spendable wealth from nothing, alchemy absolutely did work. From the perspective of a monarch looking to protect their currency from debasement, alchemy was a very real threat.

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That wouldn't work with gold, as there would be no way to tell the difference; with diamonds, natural ones have flaws that aren't present in artificial ones

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I love infodumps, although wood scientist doesn’t quite check out

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Laughs in Breton woods

Cruxifux

Yeah exactly.

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Metallurgy is just their hobby.

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That is a strange take because economics builds on this principle to function. If you found a producing company today it will have to buy a material and - by the magic you apply to it - sell it for more. Like a refinery buying crude oil and selling gasoline. Or a goldsmith buying gold and selling jewellery. It's how everything works.

On a broader take it reveals a Marxian perspective on a market where every item looses its value to the cost of the labor that goes in it. For the alchemist (if everyone found out his Pb->Au secret) the price will drop until it's worth the labor that went in it because everyone else also can't sell cheaper.

So labor is all that has value. And owning the means of production hasn't.