From: Cyrus Bina (binac@MRS.UMN.EDU)
Date: Fri May 02 2003 - 14:09:13 EDT
As I remember, one of the distinct characteristics of Marx's theory of money is its concept (and, for that matter, ontology) of 'hoarding' in the capitalist circulation. Thus, Marx's theory of money relies neither on the classical 'quantity theory of money' nor on the 'Say's Law.' Cyrus ----- Original Message ----- From: "Michael Eldred" <artefact@T-ONLINE.DE> To: <OPE-L@SUS.CSUCHICO.EDU> Sent: Friday, May 02, 2003 10:54 AM Subject: Re: (OPE-L) Re: Inflation, credit, and the 'money expression of labour' within a value-form perspective > Cologne 02-May-2003 > > gerald_a_levy schrieb Fri, 2 May 2003 06:50:07 -0400: > > > Michael E wrote on Thursday, May 01: > > > > > The quantitative value of money depends inter alia on the quantitative > > > relation between the amount of money in circulation and the amount of > > > commodities purchasable, i.e. the quantitative value of money is itself > > > relative. It will fall if the money volume increases relative to the volume > > > > > of commodities to be had for it. Such money volume depends also on credit > > > relations, which in turn can be state-controlled through the central bank > > > (again by fiat). > > > > Is that the same thing as the quantity theory of money? > > Jerry, > > The difference lies in the fundamental ontological conception of value and > money which lays the ground also for how magnitude of value and money volumes > are to be thought.. > > > PS: thanks for yesterday's aside on Marx. Hans Magnus Enzensberger > > has been described as Germany's "most important poet" and has been an > > influential essayist, dramatist, journalist, etc. as well. Listmembers may > > recall his poem "Karl Heinrich Marx" which began with the words "gigantic > > grandfather." I have wondered, though, in his description of Marx as > > "gigantic" with a "massive body" if he was describing someone else. > > How "gigantic" and "massive" was Marx? Wasn't Engels taller (but > > thinner)? > > Hans Magnus Enzensberger recently has been a harsh critic of the German peace > movement. > > I don't know about Marx's physical height, but... > > Gustav von Mevissen wrote circa 1894 of Marx around 1842/43, "Karl Marx from > Trier was a powefully built man of twenty-four with thick, black hair sprouting > from his cheeks, arms, nose and ears, domineering, impetuous, passionate, full > of an immeasurable feeling of himself, but deeply serious and learned, a > restless dialectician who, with his inexorable Jewish astuteness, executed > every sentence of the teachings of the young Hegel through to their final > conclusions and was now already preparing his transition to Communism through > strict economic studies." (Gespr. mit Marx und Engels Vol. 1 S.5) > > Michael > _-_-_-_-_-_-_- artefact text and translation _-_-_-_-_-_-_-_-_-_ > _-_-_-_-_-_-_-_-_-_-_-_- made by art _-_-_-_-_-_-_-_-_-_-_-_-_-_ > http://www.webcom.com/artefact/ _-_-_-_-artefact@webcom.com _-_ > _-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_ Dr Michael Eldred -_-_- > _-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_ >
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