Re: Sweden - Monetary Policy - Bentham

["John O'Donnell" <jackodonnell@xxxxxxxx>]

Gunnar Tomasson wrote:
>
> Re. the following:
>
> > It could be that the earth should be the center of the
> > universe but facts are facts and printing more money does
> > not add to the value of anything. A tautological certainty
> > is a tautological certainty no matter what Mill, Ricardo,
> > Bentham or even Gunnar may claim.
>
> A "tautological certainty" is such with respect to some given set of
> axiomatic premises - thus, a "tautological certainty" in Euclidean Geometry
> is not such in non-Euclidean Geometry.

The axiomatic premise for the tautological certainty is that
the only way to aggregate the output of an economy is to add
the components by their dimension of value and the "price"
of money is the value of the goods and servces it can buy.
Therefore, no matter how much money exists or is "produced"
it does not change the value of the stuff that money buys.

If you have another premise that avoids the tautology that
no matter how much is produced, each dollar's, or yen's or
pound's or mark's worth of product is valued at a dollar,
yen, pound or mark, respectively.

I'll look for your response, I prefer not to argue with the
dead.

<<SNIP>>

--
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