Re: Uncertainty and Liquidity Preference

[Paul Davidson <pdavidson@xxxxxxx>]

At 02:11 PM 7/11/99 -0400, Ted wrote:

>I've read Shackle, but I don't see how he adequately answers the question
>I'm asking.

Why don't you read Davidson, post keynesian macroeconomic theory,
especially pp. 52-56 -- wehivch is an explanation of Chapter 16 of the
general theory --- which draws the reason for the distinction of physical
real capital from liquid financial assets (including money) and the
difference between the motive to save (i.e., not wishing to commit one's
current claims on the product of industry today [via spot cotracts] or at a
speciic date in the future [ via future contracts] --cf.  first sentence on
page 210 of GT --)  and Chapter 6 of my POST KEYNESIAN MACROECONOMIC THEORY
BOOK .  That should answer your query.

Paul
Paul Davidson
Holly Chair of Excellence in Political Economy
Economics Department -- 523 SMC
University of Tennessee
Knoxville, Tennesseee 37996-0550
email: Pdavidson@xxxxxxx;
phone: (423)974-4221;    fax: (423) 974-1686
http://econ.bus.utk.edu/Davidson.html