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Re: Liquidity Preference and State Theory of Money

With regard to the subject header but not the content, we all know that Keynes asked the question why would anyone hold part of their wealth in money rather than in higher interest-bearing or profit-earning assets, and replied that there are the transactions, precautionary and speculative motives for doing so, and later added the finance motive, as Paul D. has taught us.

 

Would the state theory of money imply that “to pay taxes” should be added to the list as a separate item, or does it fall under one of the others?

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