Monday, March 15, 2010

More Shostak

From: Is Velocity Like Magic? by Frank Shostak:

The idea to label the demand for money as stable or unstable is preposterous. What does it mean? The fact that people change their demand for money doesn't imply some kind instability.... It is simply the same that goes for any other goods and services: demand for them changes all the time.

"Demand for them changes all the time." Isn't that the essence of instability?

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