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Barkley Rosser writes: 
 
>>Greg Ransom quotes Hayek as saying that money only serves as an  
intermediary between the exchange of goods, thus of the essentially  
barter nature of exchange. This is contradicted by Say's recognition of  
the possibility of "unproductive capital" associated with hoarding.<<   
 
Let me suggest that Barkley is interpreting Hayek grossly out of  
context.  Hayek is talking about a logical construction here, not the real  
world.  Hayek has a sophisticated explanation of 'unproductive capital'  
of his own -- indeed, this element is essential to his trade cycle and  
monetary economics.   
 
Greg Ransom 
 
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