Hello Stephen,

Thank you for your reply, and the links to your very interesting ideas! In the economic theory I am championing, the constant exchange value of money (however defined — bank credits, poker chips, etc.) is not only based upon the factors you outline, but upon a concomitance between the productive and consumer economies. If there is a lack of concomitance, then the proportion of money exchanged for goods and services changes: its exchange value.

Therefore, any discussion about money needs to presuppose an economic analysis that investigates and quantifies the flows of goods and services in both economies.

I strongly recommend you read Bernard Lonergan, For a New Political Economy, University of Toronto Press, 1998. You might start with Philip McShane, Economics for Everyone: Das Jus Kapital, Axial Publishing, 2017. I think you will like their thinking!