OWNERSHIP: the "new" v. the "old" theory

["William B. Ryan" <w_b_ryan@yahoo.com>]

[Tim Knight] I keep trying to get 'money' off the
agenda, and get back to 'real' economic activity (i.e.
production and consumption), rather than the
book-keeping.  Surely, you can't say that 'money' is
not of any special concern to the subject of Douglas
Social Credit.  If the concept of 'money' does not
stand up, then neither does a major portion of (what I
understand to be central to) Douglas Social Credit.
-------------------------------------

Tim, you keep writing as if you've come up with
something new.  All that is new in are quirky terms
for old concepts.  You didn't know that since you're
so poorly informed in the old concepts.

The old theory of money is that money is neutral in
that it is not a real factor of production, merely
numbers "keeping score," as you put it; whereas the
new theory is that it is an essential tool that
facilitates the economic process.  A tool can be
improved and refined, and its flaws corrected.

Anything you have said is therefore irrelevant to
Social Credit because it is predicated on the new, or
"creditary," theory.
-

The prominent school of economics promoting the new
theory of money styles itself, "Post Keynesian."

An early writer was A. Mitchell Innes, who the Post
Keynesians discovered in the early 1990s, when one of
their number found an obscure review of Innes written
by Keynes more than seven decades earlier. I've
archived the two Innes papers at
http://www.geocities.com/new_economics/innes/ .

I believe that the Innes papers were known to Douglas,
writing in the early decades of the last century,
which explains why Douglas, very much in the "Post
Keynesian" tradition though preceding them, was in
advance of the point in theoretical development they
have now been able to achieve.
- 



--- Tim Knight <Tim_Knight@NTLWorld.Com> wrote:

> Keith, 
> 
> I have added comments in red.  
>   ----- Original Message ----- 
>   From: Keith Wilde 
>   To: socialcredit@elistas.com 
>   Sent: Saturday, July 09, 2005 8:15 PM
[snipped]

__________________________________________________
Do You Yahoo!?
Tired of spam?  Yahoo! Mail has the best spam protection around 
http://mail.yahoo.com 
To subscribe to this or another of COG's discussion groups register at:
http://cog.kent.edu/register.html
To unsubscribe from this group send a message to majordomo@cog.kent.edu
with a single line in the body of the message that says:
unsubscribe ownership