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The point I was trying to make was that TBG is arguing that "productive capital" is a figment of our imagination, but was (IMHO) confusing capital with fiat money. I find the distinction between financial assets and capital goods useful at least for that reason. Also, there is more than one kind of "capital good" (if you insist, you can include various financial assets in that category) and the relative exchange values are meaningful whether or not one of them is a recognizable form of "money".

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Jun 29th, 2006 at 03:02:14 PM EST
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