> Duncan comments:
> This way of looking at things seems to me to import a Keynesian theory of
> money wages and prices (determined historically, but subject to a kind of
> Phillips' curve) into the story. I don't think this would be consistent
> with Marx's theory of money in the commodity-money case...
Right. Commodity money is a different situation. I took it
that we were talking about the modern monetary system.
Allin Cottrell
Department of Economics
Wake Forest University