AC -
As usual, your post is quite interesting, and I find parts with which I agree, parts with which I disagree, and still other parts which may straddle the two categories.
In any case there's a lot of there there. -g-
Disagree -
- basis of economic value, not labor but subjective marginal utility
- description of medium of money, two functions = 1. medium of exchange for all goods and services, not just labor, 2. store of future purchasing power for goods and services in an uncertain future
- labor and education value, only valuable to the degree that they can be exchanged for something judged more valuable than what was given up
Agree -
- increased quantity of money tends to make purchasing power of a unit of money fall, and vice versa, ( I would expect you to agree, but not entirely sure )
- capital additions improve the productivity of labor and allow increases in real wages (but not necessarily nominal wages)
Partly agree/disagree -
- population increases tend to increase the demand for money, but the increase is in the cash balance function of money, not necessarily in the transaction function. Also, the real demand is for increased total purchasing power, which doesn't necessarily need increased nominal monetary unit quantity increases.
Leave out for the time being - economic conditions and outlook
Regards, Don |
