From: Rakesh Bhandari (rakeshb@stanford.edu)
Date: Mon Aug 26 2002 - 12:33:37 EDT
> >The gold industry can not be the key issue here. Assume state fiat >money instead if that is a problem. Paul (C), It was Ajit and Allin who both insisted that since Marx had a commodity theory of money, he could not leave gold out of the transformation process. But to do so would be inconsistent with Marx's own theory. Following Grossmann, I of course think that Marx does a lot by methodological fiat in regards to the money commodity. 1. he fixes its value 2. he fixes that its purchasing power will be determined by this fixed value (I don't agree with Naples and Fred that commodity money is like any other commodity in that its long term "price" would tend to be determined by either its direct or transformed value since a condition of possibility for such long period, value-determined 'equilibrium' is the ability to affect the supply of a commodity through changes in the output decisions of capitalists). 3. the MEL is thus held constant throughout all three volumes of *Capital* All the best, Rakesh
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