Re: Money supply

[Harry Veeder <eo200@xxxxxxxxxxxxxxxxxxx>]

> From: pdavidso <pdavidso@xxxxxxx>
> Date: Sat, 23 Mar 2002 12:07:07 -0500
> To: "Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>
> Subject: Re: Money supply
>
>> ===== Original Message From "Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx> =====

>
>>
>> Greensapn recognizes that, in fixing the short-term rate, the Fed loses much
> of the
>> information on the balance of money supply and demand that changing market
> rates afford, but
>> for the moment the Fed sees no alternative. In the current state of our
> knowledge, money
>> demand has become too difficult to predict.
>
> Matbe to difficult to provie unique examples -- unless we define it in terms
> of its essential properties and functions -- as Keynes does in ch. 17 of the
> GT and I do in ch 6 of my POST KEYNESIAN MACROECONOMIC THEORY.

Yes, but a set of (tacit) principles is used to identify the essential
properties and functions of money. If one feels some of the principles are
objectionable then Keynes' definition of money will be considered
unsatisfactory.

Harry Veeder