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----- Original Message -----
From: C. J. Arthur <cjarthur@pavilion.co.uk>
To: <ope-l@galaxy.csuchico.edu>
Sent: Tuesday, January 11, 2000 9:32 PM
Subject: [OPE-L:2093] re: The Money Supply
> Paper 'flies' only because it is supported by a social vote
> of confidence.
So does gold. It would cease to function as Money if it was no longer
socially recognised as such.
Remove that and its (function as a store of) value goes into free fall.
> But I do not see how inconvertible paper can measure value since there is
a
> hiatus between them. Such paper is 'weightless'.
>
There is no hiatus between Money and Value, rather there is a systemic
interconnection. That is as true of the relvant connection of gold-Money and
Value as it is for paper-Money and Value. The point is that both Money and
Value have only a social existence.
Michael
____________________
Dr Michael Williams
Economics and Social Sciences
De Montfort University
Milton Keynes
UK
fax: 0870 133 1147
http://www.mk.dmu.ac.uk/~mwilliam
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