Re: The Axiom of Gross Substitution

[Harry Veeder <eo200@xxxxxx>]

Gunnar,

The point is a 'claim on value' may also function as a store of value.
It doesn't matter what form money takes, it is out of your control.
So go for a walk and smell the roses.

Harry

> From: Gunnar Tomasson <gunnar.tomasson@xxxxxxxxxxx>
> Date: Fri, 14 Mar 2003 23:01:46 -0500
> To: Harry Veeder <eo200@xxxxxxxxxxxxxxxxxxx>, post keynesian thought
> <pkt@xxxxxxxxxxxxxxxx>
> Cc: Gang8 <gang8@xxxxxxxxxxxxxxx>
> Subject: Re: The Axiom of Gross Substitution
>
> 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
>>
>>
>>
>>
>
>