From: Paul C (clyder@GN.APC.ORG)
Date: Fri Jun 04 2004 - 18:29:19 EDT
ajit sinha wrote: >--- Rakesh Bhandari <rakeshb@STANFORD.EDU> wrote: > > >Fred can argue whatever he wants. But the fact of the >matter remains that price is a relative concept. It is >not very profound to say that the price of something >in its own terms is always equal to one. > > As soon as you have multiple commodities with prices then one has ratios between these prices, but that is not to say that price is itself necessarily a relative concept. It certainly is within the problematic of the commodity theory of money, but if one is dealing with pure fiat money, then one has a measure that is outside of the conditions of production, and price is no longer a ratio of exchange values.
This archive was generated by hypermail 2.1.5 : Mon Jun 07 2004 - 00:00:01 EDT