[OPE-L:1276] Re: Credit money

Duncan K Foley (dkf2@columbia.edu)
Sat, 2 Mar 1996 08:33:43 -0800

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Thanks to Costas for his thoughtful discussion of the Marx/money issue. I
wonder if the Critique actually could be viewed as containing a somewhat
transitional stage of Marx's thinking.

I agree with Costas that Marx's mature view is consistent with a strain
in Ricardo's theory, but not with what Ricardo actually wrote about the
valuation of money, which in many points (for example, his adoption of
the Humean specie-flow mechanism) contradicts what I think is his sounder
development of value theory. I also agree that these points have lessons
for modern monetary theory. The endogeneity of the supply of gold arises
both from production, and from the formation of speculative hoards, however.