- Original Message -
From: Devine, James [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Sunday, November 02, 2003 5:27 PM
Subject: Re: [PEN-L] Marx and fiat money
snip
| Early on in volume I, he talks about the forced circulation of fiat
money within
| national boundaries even though
benefit from this seigneurage, using dollars
to buy up real resources around the world.
In volume III, Marx discusses fiat money and it turns out (horrors!) that something
amazingly similar to the quantity theory of money applies. If the quantity of fiat
money increases rapidly, so do prices
In volume III, Marx discusses fiat money and it turns out (horrors!) that
something
amazingly similar to the quantity theory of money applies.
Yes - Laurence Harris implies the same point in his book Monetary Theory
(and let us not forget Marx's Contribution to the Critique of Political
Economy
After several unsuccessful stabs at starting Marx's Capital, I have
finally made it through a chapter or two. I already have a problem
though, which is perhaps due to the age of the material.
Towards the end of Chapter 1, Marx makes it pretty clear that gold is a
commodity just like any other
Lack the time to go into the subject just now, but try:
http://www.palgrave-usa.com/catalogue/index.asp?isbn=0312211643
In a message dated 11/1/03 4:51:28 PM Pacific Standard Time, [EMAIL PROTECTED] writes:
So is this Marx's theory? It would seem a tenet of Marxian thought thatfiat money is worthless (or at least that it would be implied that it isbacked by gold or some other commodity in an emergency, if not in
- Original Message -
From: Lance Murdoch [EMAIL PROTECTED]
After several unsuccessful stabs at starting Marx's Capital, I have
finally made it through a chapter or two. I already have a problem
though, which is perhaps due to the age of the material.
Towards the end of Chapter 1,
