Re: [Pen-l] Re: money [was: Skidelsky on Keynes

[michael perelman <michael@xxxxxxxxxxxxxxxxx>]

It depends what you mean.  If you bid up the price of a stock or a 
house, I have (the illusion of) an increase in my assets.

John Vertegaal wrote:
> > Fair enough, but from my perspective, you're leaving out something 
> > vitally important, namely that our economic system is accounted for 
> > on the principles of _double_entry bookkeeping. In such a system, any 
> > notion of accumulating assets that exceed liabilities is 
> > inconceivable. In other words it is a system of _debt_ acquisition 
> > and a subsequent resolution, for a specific ultimate purpose; which, 
> > in order to keep the system itself meaningful, has to be situated 
> > outside the economic system as such, having lost all its economic 
> > mensuration. Marxians may recognize this supra-economic domain to 
> > consist of use values; and all of us happen to occupy it too, just 
> > supplying our vitality to the economic sphere and obtaining the bulk 
> > of our standard of living in return. I'm working on drawing a 
> > schematic representation of this. If the above isn't 
> > self-explanatory, I'll post it later.

--

Michael Perelman
Economics Department
California State University
michael at ecst.csuchico.edu
Chico, CA 95929
530-898-5321
fax 530-898-5901
www.michaelperelman.wordpress.com


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