[OPE-L:2014] Re: Re: the money supply

[Akira MATSUMOTO <akiram@xxxxxxxxxxxx>]

Dear Dr. Levy

At 5:40 AM -0800 00.1.2, Gerald Levy wrote:
> A short response to sections of Akira's [OPE-L:1984]:
>
> > I think that first of all, money should be measure of value. What is money
> > is a kind of mirror to reflect the value of other commodity by itself. I
> > tell currency from money in this standard. In other words, currency doesn't
> > have a necessary and sufficient condition as measure of value.
>
> To function as measure, money does not have to be commodity. Indeed, there
> are many examples of measures where the unit of measure is not composed of
> the same substance as what is being measured.
>

The function of measure of value can be substitute of other materials such
as paper in the unit of account. But the measure of value itself can not be
taken of because the mirror of value must be the commodity. How does the
Non-valuabels measure the value of the commodity? How is the non-valuables
determined its value itself ?


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MATSUMOTO, Akira

Visiting Scholar
Department of Economics,
University of California, Riverside
1150 University Avenue
Riverside, CA 92521-0427 USA
Phone 909-787-5037x1575 or X1570
Fax 909-787-5685
Email: akiram@xxxxxxxxxxxx
________________________

Associate Professor on Money and Banking
Department of Comprehensive Policy Making
school of Law & Letters
EHIME University
Matsuyama, Ehime
790-8577,  Japan
Tel:+81-89-927-9237(office)
FaX: +81-89-927-8916
E-mail: amatsu@xxxxxxxxxxxxxxxx
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