Inner and outer objective exchange value of money, relationship between relationships, problem of measurement of objective exchange value of money, objectification and objectivation
The document discusses two theories about the relationship between money supply and price level: the quantity theory of money (QTM) and the Cambridge cash-balance theory. The QTM argues that increases in money supply directly cause price levels to rise. The cash-balance theory takes a more nuanced view, recognizing people hold money not just for transactions but also as a store of value and precautionary savings. It rejects the idea that money supply and prices always move together, as fluctuations in demand for money could also impact output. Both theories agree that in the long run, money supply and price level rise and fall together without affecting output.
This paper will show the endogenous channel of monetary policy under a Sraffian
context. That is, assuming a distributive variable as exogenous. In this case we say that
the interest rate is determined by constitutional features and is set exogenously by the
central bank to the level that it wants.
In this scheme, banks have a central role. The possibility of extending credit without
the need for prior deposits, makes them a key driver of economic growth. Since the
loan amount is determined by the demand for credit rather than deposits, the concept
of effective demand cannot be dissociated from the analysis.
The implications of monetary and fiscal policy should also not be ignored.
Irving Fisher developed the transactions approach to the quantity theory of money in his 1911 book The Purchasing Power of Money. He proposed that the price level (P) is directly proportional to the money supply (M) when the velocity of money (V) and volume of transactions (T) remain constant, as represented by his equation of exchange MV=PT. Fisher argued that an increase in the money supply would lead to a direct increase in the price level and a decrease in the value of money. While later facing criticism, Fisher's quantity theory formed the basis of understanding the relationship between money supply and price levels.
Monetary Economics-Quantity Theory of MoneySaradha Shyam
The document discusses the quantity theory of money, which attempts to explain changes in the value of money and price levels based on changes in the money supply. It introduces the demand for money, which depends on factors like income, interest rates, and transaction needs. The quantity theory is explained using Fisher's equation of exchange, which states that the total money supply (money in circulation multiplied by its velocity) equals the total value of goods and services traded (total goods multiplied by the price level). The theory argues that if velocity and output are stable, then changes in the money supply will directly impact price levels. The document notes criticisms of the quantity theory's assumptions and limitations.
This document discusses the contributions of several influential economists to the development of the Quantity Theory of Money (QTM) including: Nicolaus Copernicus who first formulated the connection between money supply and price levels; Adam Smith who viewed wealth as determined by commodities not money; Irving Fisher who created the equation of exchange; Alfred Marshall who recognized money as a store of value; A.C. Pigou who modified the equation of exchange; John Maynard Keynes who viewed money as an asset and developed liquidity preference theory; Milton Friedman who believed monetary policy could control inflation and prices; and attributed the Great Depression to monetary policy mistakes.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M x V = P x Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
The Quantity Theory of Money states that there is a direct relationship between the amount of money in circulation in an economy and the general price level. Specifically:
1) As the quantity of money increases, the price level also increases, leading to inflation.
2) Irving Fisher elaborated on this theory in his 1911 work "Purchasing Power of Money" by introducing the Equation of Exchange: M * V + M' * V' = P * T, which relates the money supply, velocity of money, output, and the price level.
3) The theory is based on assumptions like the velocity of money and transactions remaining constant, but it has been criticized for not explaining cyclical price changes and
The document discusses two theories about the relationship between money supply and price level: the quantity theory of money (QTM) and the Cambridge cash-balance theory. The QTM argues that increases in money supply directly cause price levels to rise. The cash-balance theory takes a more nuanced view, recognizing people hold money not just for transactions but also as a store of value and precautionary savings. It rejects the idea that money supply and prices always move together, as fluctuations in demand for money could also impact output. Both theories agree that in the long run, money supply and price level rise and fall together without affecting output.
This paper will show the endogenous channel of monetary policy under a Sraffian
context. That is, assuming a distributive variable as exogenous. In this case we say that
the interest rate is determined by constitutional features and is set exogenously by the
central bank to the level that it wants.
In this scheme, banks have a central role. The possibility of extending credit without
the need for prior deposits, makes them a key driver of economic growth. Since the
loan amount is determined by the demand for credit rather than deposits, the concept
of effective demand cannot be dissociated from the analysis.
The implications of monetary and fiscal policy should also not be ignored.
Irving Fisher developed the transactions approach to the quantity theory of money in his 1911 book The Purchasing Power of Money. He proposed that the price level (P) is directly proportional to the money supply (M) when the velocity of money (V) and volume of transactions (T) remain constant, as represented by his equation of exchange MV=PT. Fisher argued that an increase in the money supply would lead to a direct increase in the price level and a decrease in the value of money. While later facing criticism, Fisher's quantity theory formed the basis of understanding the relationship between money supply and price levels.
Monetary Economics-Quantity Theory of MoneySaradha Shyam
The document discusses the quantity theory of money, which attempts to explain changes in the value of money and price levels based on changes in the money supply. It introduces the demand for money, which depends on factors like income, interest rates, and transaction needs. The quantity theory is explained using Fisher's equation of exchange, which states that the total money supply (money in circulation multiplied by its velocity) equals the total value of goods and services traded (total goods multiplied by the price level). The theory argues that if velocity and output are stable, then changes in the money supply will directly impact price levels. The document notes criticisms of the quantity theory's assumptions and limitations.
This document discusses the contributions of several influential economists to the development of the Quantity Theory of Money (QTM) including: Nicolaus Copernicus who first formulated the connection between money supply and price levels; Adam Smith who viewed wealth as determined by commodities not money; Irving Fisher who created the equation of exchange; Alfred Marshall who recognized money as a store of value; A.C. Pigou who modified the equation of exchange; John Maynard Keynes who viewed money as an asset and developed liquidity preference theory; Milton Friedman who believed monetary policy could control inflation and prices; and attributed the Great Depression to monetary policy mistakes.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M x V = P x Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
The Quantity Theory of Money states that there is a direct relationship between the amount of money in circulation in an economy and the general price level. Specifically:
1) As the quantity of money increases, the price level also increases, leading to inflation.
2) Irving Fisher elaborated on this theory in his 1911 work "Purchasing Power of Money" by introducing the Equation of Exchange: M * V + M' * V' = P * T, which relates the money supply, velocity of money, output, and the price level.
3) The theory is based on assumptions like the velocity of money and transactions remaining constant, but it has been criticized for not explaining cyclical price changes and
Monetary policy aims to achieve full employment, price stability, economic growth, and maintaining balance of payments equilibrium. It operates through controlling the cost and availability of credit in order to influence aggregate demand. Quantitative methods like open market operations and qualitative methods like varying reserve ratios are used to control inflation. High interest rates encourage savings and discourage speculative investments.
The Reserve Bank of India (RBI) is responsible for formulating and implementing monetary policy in India with the objectives of maintaining price stability and ensuring adequate credit flows. RBI uses various tools of monetary control, including cash reserve ratio, statutory liquidity ratio, bank rate, open market operations, and selective credit control to regulate money supply and influence interest rates. These tools allow RBI to tighten or loosen the money supply in order to control inflation or deflation. RBI issues annual monetary policies and reviews them quarterly.
Micro, Small and Medium Enterprises (MSMEs) play a major role in economic development, particularly in emerging countries.
MSMEs :
Contributes to the economic growth,
Enormous potential for growth
Potential for employment and income generation
for vast masses of the country.
Government pronouncements about “Make in India” are fundamentally based on these convictions.
There is heightened attention by the international community on MSME sector.
This is primarily because of the critical importance of job creation in the recovery cycle following the recent financial crisis, and the MSME’s potentials in that respect.
In Indian economy, MSME sector contribute :
45 % of the manufacturing output.
40 % of the exports.
There are 467.56 lakh enterprises in the MSME sector.
Provide the largest share of the employment after agriculture. Employment opportunities to 10.62 crore people across the country.
This document discusses central bank credit control and its objectives and methods. It outlines several quantitative and qualitative methods used by central banks to regulate money supply and credit in the economy. The quantitative methods discussed are bank rate policy, open market operations, and variations in reserve ratios. The qualitative or selective methods discussed are fixation of margin requirements, consumer credit regulation, issuing directives, and rationing of credit. The objectives of credit control are to maintain price stability, economic growth, and meet financial needs during normal and emergency times.
System, System’s environment, and Understanding.pptxDidi Sugandi
Belajar membedakan (to make distinction, distinguish) dan tetap menyatukan kebedaan (différance), sehingga tidak menghasilkan pemisahan (separation). Terutama ketika membaca “sistem-sistem sosial” (social systems)
This document discusses different Greek terms for knowledge:
- Gnosis refers to knowledge gained through senses and contemplation.
- Epistemein refers to knowledge gained through doing and having a skill. It means to know by doing.
- The document argues that true knowledge requires both gnosis (contemplation) and epistemein (doing), not one or the other. You have to both think about something and do or experience it to really understand it.
The document discusses relationships, economies, and businesses. It states that relationships are the ecosystem of an economy and that relationships and connections are a broader domain than just functions. Ruining relationships can ruin everything. It also discusses how trees and birds can relate various things like people to nature. A relationship connects both the relating object and the related objects simultaneously.
The document discusses different types of transformations including translation, dilation, rotation, and inversion that can occur when viewing an object from different perspectives. It also discusses how thoughts are in constant motion from the present to the past to the future and how thoughts relate to possible worlds. The document recommends watching a YouTube video that reveals Moebius transformations.
Dokumen ini membahas tentang pemodelan sistem yang dapat menangani masalah harga sekaligus menyediakan solusi berupa informasi harga. Pemodelan sistem diibaratkan seperti bahasa pemrograman Java yang dapat menampilkan solusi ketika membaca masalah dan sebaliknya.
(Disclaimer: The video clip in this slide is NOT mine; Video clip dalam slide ini BUKAN milik saya; )
Barangkali anda perlu men-download presentasi ini sebelum bisa menyaksikan videonya -- You might need to download first before you can watch the video
Why i don't like the idea of convincing others, let alone myself;
Pragmatic practice; no proposition allowed, no theorizing beforehand; Paradox of belief; No proposition whatsoever;
Upaya menemukan (to discover) sebuah 'normal'Didi Sugandi
Dokumen ini membahas masalah pengukuran nomik yang diidentikkan dengan pengukuran satuan pengukuran itu sendiri. Dokumen ini menjelaskan hubungan antara realitas, model realitas di dalam pikiran, dan efektor. Tujuannya adalah menemukan hubungan antara pikiran dengan dunia nyata serta menemukan panjang garis a yang merupakan contoh dari masalah pengukuran nomik.
Dokumen membahas relasi antara makna, arti, nilai dan harga. Ia menjelaskan bahwa bahasa Inggris hanya memiliki kata yang setara untuk makna, harga dan nilai, tetapi tidak untuk arti. Dokumen ini juga menyatakan bahwa tanpa arti maka nilai tidak akan ada.
Sistem antisipatoris (anticipatory system) LAWANG.pptDidi Sugandi
Dokumen ini menjelaskan sistem antisipatoris bernama LAWANG yang dapat memprediksi harga masa depan berdasarkan data kutipan harga saat ini yang diunggah pengguna. Sistem ini secara real-time mengumpulkan data transaksi aktual dari mesin kasir di pedagang dan menampilkan informasi harga terkini secara langsung di pasar maupun secara online. LAWANG bekerja di perbatasan antara model ekonomi virtual dan sistem pasar nyata
Pengembangan agrikultur didukung (supported) dan dilayani (serviced) oleh ictDidi Sugandi
Dokumen tersebut membahas bagaimana teknologi informasi dan komunikasi (TIK) dapat mendukung dan melayani aktivitas agrikultur untuk meningkatkan ketahanan pangan. TIK dapat digunakan untuk menghasilkan, menyebarkan, dan memanfaatkan pengetahuan bersama guna pengembangan agrikultur berkelanjutan. Kerangka kerja yang diusulkan memiliki empat strategi utama: manajemen strategis, pengembangan pengetahuan, komunik
Mengapa rupiah sulit menjadi 'unit of account' jika hanya merujuk kepada mata...Didi Sugandi
1. The document discusses the difficulty of the Indonesian Rupiah becoming a "unit of account" if it only refers to other currencies.
2. It explains that a unit of account is used to value economic items like goods, services, assets and liabilities, and is one of the main functions of money.
3. For a currency to be a strong unit of account, it needs to be backed by a commodity reserve so its value is stable and not influenced by other currencies. Linking the Rupiah to a commodity reserve like rice would reduce inflation.
Dengan siapa aku bernafas_metafisikanya bernafas (metaphysics of breathing)Didi Sugandi
Dokumen ini membahas metafisika dari penciptaan dan bernafas. Secara metafisik, ciptaan tidak pernah berada di luar proses penciptaan dan hanya dapat mengalami perasaan seperti sukacita, cinta, dan kasih sayang dalam proses tersebut. Untuk memahami hal ini, kita perlu belajar mengalami nafas kita sendiri dan menyadari siapa yang bernafas bersama kita.
Monetary policy aims to achieve full employment, price stability, economic growth, and maintaining balance of payments equilibrium. It operates through controlling the cost and availability of credit in order to influence aggregate demand. Quantitative methods like open market operations and qualitative methods like varying reserve ratios are used to control inflation. High interest rates encourage savings and discourage speculative investments.
The Reserve Bank of India (RBI) is responsible for formulating and implementing monetary policy in India with the objectives of maintaining price stability and ensuring adequate credit flows. RBI uses various tools of monetary control, including cash reserve ratio, statutory liquidity ratio, bank rate, open market operations, and selective credit control to regulate money supply and influence interest rates. These tools allow RBI to tighten or loosen the money supply in order to control inflation or deflation. RBI issues annual monetary policies and reviews them quarterly.
Micro, Small and Medium Enterprises (MSMEs) play a major role in economic development, particularly in emerging countries.
MSMEs :
Contributes to the economic growth,
Enormous potential for growth
Potential for employment and income generation
for vast masses of the country.
Government pronouncements about “Make in India” are fundamentally based on these convictions.
There is heightened attention by the international community on MSME sector.
This is primarily because of the critical importance of job creation in the recovery cycle following the recent financial crisis, and the MSME’s potentials in that respect.
In Indian economy, MSME sector contribute :
45 % of the manufacturing output.
40 % of the exports.
There are 467.56 lakh enterprises in the MSME sector.
Provide the largest share of the employment after agriculture. Employment opportunities to 10.62 crore people across the country.
This document discusses central bank credit control and its objectives and methods. It outlines several quantitative and qualitative methods used by central banks to regulate money supply and credit in the economy. The quantitative methods discussed are bank rate policy, open market operations, and variations in reserve ratios. The qualitative or selective methods discussed are fixation of margin requirements, consumer credit regulation, issuing directives, and rationing of credit. The objectives of credit control are to maintain price stability, economic growth, and meet financial needs during normal and emergency times.
System, System’s environment, and Understanding.pptxDidi Sugandi
Belajar membedakan (to make distinction, distinguish) dan tetap menyatukan kebedaan (différance), sehingga tidak menghasilkan pemisahan (separation). Terutama ketika membaca “sistem-sistem sosial” (social systems)
This document discusses different Greek terms for knowledge:
- Gnosis refers to knowledge gained through senses and contemplation.
- Epistemein refers to knowledge gained through doing and having a skill. It means to know by doing.
- The document argues that true knowledge requires both gnosis (contemplation) and epistemein (doing), not one or the other. You have to both think about something and do or experience it to really understand it.
The document discusses relationships, economies, and businesses. It states that relationships are the ecosystem of an economy and that relationships and connections are a broader domain than just functions. Ruining relationships can ruin everything. It also discusses how trees and birds can relate various things like people to nature. A relationship connects both the relating object and the related objects simultaneously.
The document discusses different types of transformations including translation, dilation, rotation, and inversion that can occur when viewing an object from different perspectives. It also discusses how thoughts are in constant motion from the present to the past to the future and how thoughts relate to possible worlds. The document recommends watching a YouTube video that reveals Moebius transformations.
Dokumen ini membahas tentang pemodelan sistem yang dapat menangani masalah harga sekaligus menyediakan solusi berupa informasi harga. Pemodelan sistem diibaratkan seperti bahasa pemrograman Java yang dapat menampilkan solusi ketika membaca masalah dan sebaliknya.
(Disclaimer: The video clip in this slide is NOT mine; Video clip dalam slide ini BUKAN milik saya; )
Barangkali anda perlu men-download presentasi ini sebelum bisa menyaksikan videonya -- You might need to download first before you can watch the video
Why i don't like the idea of convincing others, let alone myself;
Pragmatic practice; no proposition allowed, no theorizing beforehand; Paradox of belief; No proposition whatsoever;
Upaya menemukan (to discover) sebuah 'normal'Didi Sugandi
Dokumen ini membahas masalah pengukuran nomik yang diidentikkan dengan pengukuran satuan pengukuran itu sendiri. Dokumen ini menjelaskan hubungan antara realitas, model realitas di dalam pikiran, dan efektor. Tujuannya adalah menemukan hubungan antara pikiran dengan dunia nyata serta menemukan panjang garis a yang merupakan contoh dari masalah pengukuran nomik.
Dokumen membahas relasi antara makna, arti, nilai dan harga. Ia menjelaskan bahwa bahasa Inggris hanya memiliki kata yang setara untuk makna, harga dan nilai, tetapi tidak untuk arti. Dokumen ini juga menyatakan bahwa tanpa arti maka nilai tidak akan ada.
Sistem antisipatoris (anticipatory system) LAWANG.pptDidi Sugandi
Dokumen ini menjelaskan sistem antisipatoris bernama LAWANG yang dapat memprediksi harga masa depan berdasarkan data kutipan harga saat ini yang diunggah pengguna. Sistem ini secara real-time mengumpulkan data transaksi aktual dari mesin kasir di pedagang dan menampilkan informasi harga terkini secara langsung di pasar maupun secara online. LAWANG bekerja di perbatasan antara model ekonomi virtual dan sistem pasar nyata
Pengembangan agrikultur didukung (supported) dan dilayani (serviced) oleh ictDidi Sugandi
Dokumen tersebut membahas bagaimana teknologi informasi dan komunikasi (TIK) dapat mendukung dan melayani aktivitas agrikultur untuk meningkatkan ketahanan pangan. TIK dapat digunakan untuk menghasilkan, menyebarkan, dan memanfaatkan pengetahuan bersama guna pengembangan agrikultur berkelanjutan. Kerangka kerja yang diusulkan memiliki empat strategi utama: manajemen strategis, pengembangan pengetahuan, komunik
Mengapa rupiah sulit menjadi 'unit of account' jika hanya merujuk kepada mata...Didi Sugandi
1. The document discusses the difficulty of the Indonesian Rupiah becoming a "unit of account" if it only refers to other currencies.
2. It explains that a unit of account is used to value economic items like goods, services, assets and liabilities, and is one of the main functions of money.
3. For a currency to be a strong unit of account, it needs to be backed by a commodity reserve so its value is stable and not influenced by other currencies. Linking the Rupiah to a commodity reserve like rice would reduce inflation.
Dengan siapa aku bernafas_metafisikanya bernafas (metaphysics of breathing)Didi Sugandi
Dokumen ini membahas metafisika dari penciptaan dan bernafas. Secara metafisik, ciptaan tidak pernah berada di luar proses penciptaan dan hanya dapat mengalami perasaan seperti sukacita, cinta, dan kasih sayang dalam proses tersebut. Untuk memahami hal ini, kita perlu belajar mengalami nafas kita sendiri dan menyadari siapa yang bernafas bersama kita.
Apakah hal itu berada di dalam diri kita, ataukah diri kita berada dalam hal ...Didi Sugandi
Tulisan ini membahas hubungan antara diri manusia dengan makna dan pengetahuan. Manusia dibandingkan dengan biji yang berada di dalam buah, menunjukkan bahwa kita berada di dalam "sesuatu yang lebih besar". Pengetahuan tidak mendahului pemahaman, tetapi pemahamanlah yang akan menumbuhkan pengetahuan. Makna ada sebelum arti dan merupakan dasar bagi pemahaman, pengenalan, dan pengetahuan kita.
Value, use value, exchange value and price mapping, modeling, measuring, emul...Didi Sugandi
(preview version) emulating an economy: parameterizing faster than real process through mapping and modeling; in order to understand (cognition) and so can act (volition) in order ..in an economy. To be the change we want to see, in the world and in ourselves
This presentation is intelligible--means “able/possible to be understood; comprehensible”--only if its animation sequences are observed. please download, and run it offline.
1. Outer and Inner
objective exchange value of money
a relationship between
relationships
“The words Value and Price were used as synonymous by the early political
economists, and are not always discriminated even by Ricardo. But the most accurate
modern writers, to avoid the wasteful expenditure of two good scientific terms on a
single idea, have employed Price to express the value of a thing in relation to money;
the quantity of money for which it will exchange . . . the value or exchange value of a
thing, [we shall, therefore, understand] its general power of purchasing; the
command which its possession gives over purchaseable commodities in general.”
[Carl Menger 1871]
the distinction does not, as would appear from the terms, refer to
different kinds of value but to the different forces which affect prices
2. Menger, usually refer to “the question of the nature and extent of the influence
upon the exchange ratios between money and commodities exerted by variations
in those determinants of prices that lie on the monetary side” as the problem of
the innere [inner] objektive Tauschwert of money, and to “those concerned with
variations in the objective exchange value of money throughout time and space in
general” as the problem of its äussere [outer] objektive Tauschwert.
“those concerned with
variations in the
objective exchange value
of money throughout
time and space in
general”
“the question of the nature and
extent of the influence upon
the exchange ratios between
money and commodities
exerted by variations in those
determinants of prices that lie
on the monetary side”
Carl Menger, 1871: innere objektive Tauschwert and äussere objektive
Tauschwert of money
3. It’s all about relationship between relationships
BA
is located in
is qualified by
A is located in B
B is qualified by A
sebuah hubungan sebagai suatu keseluruhan (whole) yang holds (menyatukan, connects)
antara dunia yang merepresentasikan (representing world) dan dunia yang
direpresentasikannya (its represented world)
4. (First) “we have to obtain
numerical demonstration of the
fact of variations in the objective
exchange value of money”
(Second) “the question must be decided
whether it is possible to make a quantitative
examination of the causes of particular price
movements, with special reference to the
question whether it would be possible to
produce evidence of such variations in the
purchasing power of money as lie on the
monetary side of the ratio”
Ludwig von Mises, 1912: “….there are two parts to the problem of
measuring the objective exchange value of money”
“those concerned with
variations in the
objective exchange value
of money throughout
time and space in
general”
“the question of the nature and
extent of the influence upon
the exchange ratios between
money and commodities
exerted by variations in those
determinants of prices that lie
on the monetary side”
5. It’s the problem of Objectification and Objectivation—a
dialectic and dialogic happening—both happened at once
objectification
n. The act or process of objectifying or of making objective.
Century Dictionary and Cyclopedia
n. The process or manifestation of objectifying (something).
Wiktionary
n. representing as an object.
n. the act of representing an abstraction as a physical thing
n. a concrete representation of an abstract idea or principle
GNU Webster's 1913
objectivation
n. The conversion of a concept or abstraction into an object.
Wiktionary
n. Converting into an object. GNU Webster's 1913
6. BA
Since A is located in B and B is qualified by A, then
the problem of measuribility of both is the problem of
HOW TO WRITE and READ both at once (or almost simultaneously)
- a transitive process:
WRITE (objectivate) B in terms of A and
READ (objectify) A in terms of B
READ
(outward,
objectify)
WRITE
(inward,
objectivate)
7. “those concerned with
variations in the
objective exchange value
of money throughout
time and space in
general”
“the question of the nature and
extent of the influence upon
the exchange ratios between
money and commodities
exerted by variations in those
determinants of prices that lie
on the monetary side”
Carl Menger, 1871: innere objektive Tauschwert and äussere objektive
Tauschwert of money
(Second) READ OUTWARD
(objectify)
(First) WRITE INWARD
(objectivate)
8. “those concerned with
variations in the
objective exchange value
of money throughout
time and space in
general”
“the question of the nature and
extent of the influence upon
the exchange ratios between
money and commodities
exerted by variations in those
determinants of prices that lie
on the monetary side”
(Secondly) READ OUTWARD
(objectify) re-present the
concrete representation of an
abstract idea or principle
“communicate the message”
(Firstly) WRITE INWARD
(objectivate) convert
an abstraction into an object
“write a message”
sebuah hubungan sebagai suatu keseluruhan
(whole) yang holds (menyatukan, connects)
antara dunia yang merepresentasikan
(representing world) dan dunia yang
direpresentasikannya (its represented world)
It’s all about “Make up your mind guys!”
---
1. tetapkan pikiranmu
2. katakan itu
Jangan terbalik urutannya, alih-alih
akan terjadi “parsing error ” – “error
pemilahan”