"It is simply sloppy English to make "invest" and "hoard" synonymous.
They are totally distinct." Well, no, not really. It was one of the conclusions of Keynes in the General Theory that hoarding is actually one logical end of the investment continuum, that it can be widely rational--for the **individual** capitalist--under certain historical conditions. He posits the idea of "liquidity preference" to explain this. Keynes: "The concept of *Hoarding *may be regarded as a first approximation to the concept of *Liquidity-preference. *Indeed if we were to substitute 'propensity to hoard' for 'hoarding,' it would come to substantially the same thing." Of course, there is much more elaboration necessary. Above quote at: http://www.marxists.org/reference/subject/economics/keynes/general-theory/ch13.htm Even if you think the General Theory is generally full of crap, a "totally distinct" hoarding vs. investment dichotomy isn't a strong position of challenge, IMO. On Tue, Dec 31, 2013 at 12:26 PM, Carrol Cox <[email protected]> wrote: > It is simply sloppy English to make "invest" and "hoard" synonymous. > > They are totally distinct. > > Carrol > > -----Original Message----- > From: [email protected] > [mailto:[email protected]] On Behalf Of raghu > Sent: Tuesday, December 31, 2013 1:50 PM > To: Progressive Economics > Subject: Re: [Pen-l] Presbyterian frugality > > On Tue, Dec 31, 2013 at 1:15 PM, Carrol Cox <[email protected]> wrote: > > > Hoarding is a non-capitalist use of wealth. > > > > > I have to say I am very surprised and confused by this. > > Hoarding commodities such as, say, antique stamps may be non-capitalist. > But > surely hoarding *money*, specifically hoarding money by "investing", > growing > and accumulating it in perpetuity (as Jack MacDonald did) has to be the > very > definition of capitalist activity, no? > > > -raghu. > > > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l >
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