I am very glad that this discussion of the necessity of commodity money (in
Marx's theory and otherwise) has emerged. I appreciate Chai-on for raising
the issue and have been very interested in all the posts by Chai-on, Duncan,
Riccardo, and Michael. This is an issue about which I have not yet made up
my own mind, so I look foward to this opportunity for further clarification.
I hope to write some comments on this discussion by the end of the week, but
in the meantime, I (like Duncan and Mike) would like to ask Chai-on to
briefly summarize why he thinks that money has to be a commodity in Marx's
theory.
Thanks a lot.
In solidarity,
Fred