Definition of Money

["Gunnar Tomasson" <tomasson@xxxxxxxx>]

The following exchange of today's date may be of interest to PKT-ers:

 

In response to a fellow Gang8 member's observations:

No, I don't have an indication that [Henry] George developed an advanced and consistent creditary theory of money (That has not yet appeared even on gang8, because no one has been able to answer Geoffrey [Gardiner]'s call for a simple creditary definition of money; and there can be no full theory without that). If George had done that, gang8 wouldn't have to do it now,

 

I commented as follows:

 

There are two distinct points at issue in 'defining money', namely, the ANALYTICAL and the OPERATIONAL.
 
Since the latter is a function of time, place, and circumstance, there exists NO OPERATIONAL definition of money that can, in principle, hold at all times, places, and circumstances.

As for the ANALYTICAL definition of money, Chris [Meakin]  hit that particular nail on the head when he conceived of the Creditary Principle as the mirror image of the Division of Labor Principle.

The two Principles are as Warp and Weft to the fabric of communal economic activity.

Gunnar