From: Ian Wright (wrighti@ACM.ORG)
Date: Fri Mar 16 2007 - 13:44:11 EDT
> Ajit: > How much is your M, Fred? Just tell me how much is > your M. If you are going to begin your theory with a > given M, you need to know how much it is. I'm not > asking for any explanation, just tell me how much it > is. Where do you get your data for M? If you are > unable to tell us how much is your M, then how could > you claim that M increases to (M + dM)? Just think > about it? Ajit, on the specific and narrow issue of whether M, as the total money-capital advanced, can be taken to as given data, the answer is of course yes. M appears in many different forms no doubt, from cash to electronic transfers to firm accounts, but nonetheless it is a real quantity, as objective as the physical inputs arriving at the factory gates. One of my difficulties with Sraffa is that his objectivism does not extend to counting money-flows in the economy. The man in the moon is, as it were, blind to monetary character of capitalist production.
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