Re: The Axiom of Gross Substitution

["Gunnar Tomasson" <gunnar.tomasson@xxxxxxxxxxx>]

Harry:

I don't get your point.

First-hand peddling of Laundry Tickets - claims ON value - is Banking, not
Scalping.

Gunnar


----- Original Message -----
From: "Harry Veeder" <eo200@xxxxxxxxxxxxxxxxxxx>
To: "post keynesian thought" <pkt@xxxxxxxxxxxxxxxx>
Sent: Friday, March 14, 2003 10:03 AM
Subject: Re: The Axiom of Gross Substitution


>
> 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
>
>
>
>