Re: Uncertainty and Liquidity Preference

[aldo balardini <balardini@xxxxxxxxx>]

--- paul davidson <pdavidson@xxxxxxx> wrote:

> I am describing how the real entreprenurial economy
> in which we lve
> operates and not some airy-fairy Marxian utopia.
>
> I think questions about the ultimate source of value
> are philosophical
> conundrums similar to how many fairies can dance on
> the head of a pin.  The
> answer to such conundrums may keep many philosophers
> employed but the
> answer does not help the working class one iota.
> (And I assume you would
> profess to be a staunch advocate of helping
> workers!) Understanding how
> money operates in the world we live in can help us
> design policies that
> improve the lot of the workers and all residents of
> a civilized society.

so I guess you consider Wray's paper "Theories of Value and Monetary
Theory of Production" at:

ftp://wueconb.wustl.edu/econ-wp/mac/papers/9902/9902008.pdf

in which he argues that two theories of value are needed for a proper
analysis of a monetary production economy:  the labor theory of value
and the liquidity preference theory of value, an
"airy-fairy-Marxian-utopia".
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