In his recent book examining the causes of the ongoing recession, Mason Gaffney looks at some of the bad poIicies that led to the meltdown, such as allowing banks to make loans on land, and the misallocation of capital. He examines real transactions and real costs and concludes the valence (rate of turnover) of capital is important. Especially in a recovery, more working capital that employs labor is needed, rather than durable capital. The focus of modern economists on money and finance is misleading, he feels. In line with the real bills doctrine, he says that it is what the money stands for that is important.
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- Henry George