Re: The Axiom of Gross Substitution

[Harry Veeder <eo200@xxxxxxxxxxxxxxxxxxx>]

Gunnar wrote:
>
> On Gang8, I suggested - and Geoffrey Gardiner agreed - that Money is a
> "claim" ON rather than "store" OF "value".
>
> The "store of value" concept is a carryover from the world of Commodity
> Money which has no place in the contemporary world of paper/electronic
> "money".
>
> And, once the "claim on value" view of Money is admitted, the Gross
> Substitution Axiom goes out the window - for Money is then to "value" what
> Laundry Ticket is to Laundry.
>
> Or, to put the point differently, Money is to Value what an IOU is to Value
> supplied/received.
>
>
>

I disagree, because a ticket scalper sees tickets as a store of value.

Harry Veeder