Re: The Axiom of Gross Substitution

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

Harry:

Your point still eludes me.

If "value" were "stored" in a Laundry Ticket, then the total "value"
attaching to my shirt at the cleaners would exceed that of the same shirt in
my closet.

Gunnar


----- Original Message -----
From: "Harry Veeder" <eo200@xxxxxx>
To: "post keynesian thought" <pkt@xxxxxxxxxxxxxxxx>
Sent: Friday, March 14, 2003 9:51 PM
Subject: Re: The Axiom of Gross Substitution


> 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
> >>
> >>
> >>
> >>
> >
> >
>
>