Re: (OPE-L) Inflation, credit, and the 'money expression of labour' within a value-form perspective

From: clyder@GN.APC.ORG
Date: Sat May 03 2003 - 14:33:43 EDT

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Quoting OPE-L Administrator <ope-admin@RICARDO.ECN.WFU.EDU>:

> ----- Original Message -----
> From: "Reuten" <g.a.t.m.reuten@uva.nl>
> To: "'OPE-L'" <OPE-L@SUS.CSUCHICO.EDU>
> Sent: Friday, May 02, 2003 5:21 PM
> Subject: RE: (OPE-L) Inflation, credit, and the 'money expression of
> labour' within a value-form perspective
>
>
> In the way Paul C. phrased it, "money that validates value", you are
> bound to get into the circel he indicates. I would say "money validates
> production" (or some or none of course). Whatever theoretical
> considerations you have, anyway it is the case that for capital
> (capitalists,
> entrepreneurs, firms) in actual practice money is the measure of value.
> (It is that always microeconomically. Theoretically, when you are
> engaged in macroeconomic theory other considerations may come in. Appart
> from those I am generally reluctant to use the phrase "value of money"
> as it has a tautologous flavour.)
>

I can understand why you might be if you take a purely relational
take on value. If one considers that value is labour, then the value
of money is unproblematic.
How do you talk about inflation without mentioning that involves
a fall in the value of money?

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