[OPE-L:5391] Re: [ALLIN] Re: use-value of money

Allin Cottrell (cottrell@wfu.edu)
Sun, 31 Aug 1997 13:06:07 -0700 (PDT)

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> 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