Re: The Axiom of Gross Substitution

[Harry Veeder <eo200@xxxxxx>]

Gunnar,

Yes, and such a scenario could arise. For example, if you are unemployed
and looking for a new job, you might consider a clean and pressed as an
investment in your future.

Harry


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