On Mon, 12 Aug 2002, Rakesh Bhandari wrote: > Gary, it seems to be implicit in your post that Bortkiewicz and by > implication Sweezy mishandled the money commodity in the > transformation. > all the best, r I agree with this too. Indeed, I would go further and argue much more generally that almost everyone has misinterpreted the money commodity, because they all assume that the money commodity has a price and that the money commodity participates in the equalization of profit rates like all other commodities, and they all neglect the all-important fact that gold (the money commodity) is a scarce, privately-owned mineral that yields absolute rent over and above the average profit. Comradely, Fred
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