From: Ian Wright (iwright@GMAIL.COM)
Date: Fri Apr 22 2005 - 13:58:29 EDT
I am behind with replies to Andy and Ajit in particular. In the meantime ... > The real problem is explaining how this comes to have a monetary > representation - where does the money come from. > > If we assume a capitalist economy growing at some fraction > of its von Neumann growth rate then the aggregate circuit > > m-c-m'-c'-m''-c''-m''' > > implies an exponential growth in m. > > However we know that during the 19th century the average growth > of world gold stock was under 1% per year - see the accompanying > table that gives growth of stock in million troy ounces. There is a big assumption here. You seem to be saying that the extra money is a representation of the surplus product. So as the net product grows exponentially then so must the money in lock-step. Why should it? -Ian.
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