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06757_Field_TCUM T322.txt
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1996-04-10
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that of the study of all media; namely, as Keynes wrote, “to
treat the problem dynamically, analyzing the different elements
involved, in such a manner as to exhibit the causal process by
which the price level is determined, and the method of
transition from one position of equilibrium to another.”
In a word, money is not a closed system, and does not
have its meaning alone. As a translator and amplifier, money
has exceptional powers of substituting one kind of thing for
another. Information analysts have come to the conclusion
that the degree to which one resource can be substituted for
another increases when information increases. As we know
more, we rely less on any one food or fuel or raw material.
Clothes and furniture can now be made from many different
materials. Money, which had been for many centuries the
principal transmitter and exchanger of information, is now