Re: The Axiom of Gross Substitution

[Harry Veeder <eo200@xxxxxx>]

> From: pdavidso <pdavidso@xxxxxxx>
> Date: Thu, 13 Mar 2003 00:07:52 -0500
> To: Harry Veeder <eo200@xxxxxxxxxxxxxxxxxxx>
> Cc: pkt@xxxxxxxxxxxxxxxx
> Subject: RE: The Axiom of Gross Substitution

>
> No labour cannot be used as a store of value -- unless you are talking about
> slaves.  But both labour and land have high carrying costs and hence in a word
> where there are financial assets with low carrying costs-- land and slave
> labour is not a good substitute for money.
>

Here is a better argument why slavery is not necessary for labour
to be used as a store of value.

The liquidity of labour (in a society without slavery), is financially
equivalent to a trust fund. The liquid value is present, but the law only
permits people seeking employment to convert it into money.

Harry Veeder