Allin Cottrell (cottrell@ricardo.ecn.wfu.edu)
Sun, 12 Dec 1999 23:37:06 -0500 (EST)
On Sun, 12 Dec 1999, Duncan K. Foley wrote:
> It's a bit more complicated than that, since the same volume
> of coins can pay a larger tax bill at a higher velocity of
> (tax) circulation.
Interesting. How would one compute the velocity of tax
circulation?
> Isn't the idea that the state regulates the exchange value
> of coin by controlling its scarcity basically the quantity
> of money theory of prices?
It's related, but what is missing from the standard Quantity
Theory, as I see it, is that the relevant scarcity is scarcity
relative to the tax liability imposed by the state.
Allin.
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