Re: (OPE-L) Ajit's paper

From: Ian Wright (iwright@GMAIL.COM)
Date: Tue Jun 01 2004 - 13:26:42 EDT 

Hi Ajit, Rakesh

Rakesh wrote:
> SNALT labor time. Surplus value is unpaid labor
> time; surplus value
> contains profit, rent, interest.
Ajit wrote:
> So you admit that the unit of SNALT is time. Now tell
> me how is it measured?

SNALT is represented in units of money. The monetary expression of
labour-time (MELT) fixes the scale of measurement. The question then
is what determines the MELT. I can give you a non-circular answer for
the case of a simple commodity economy with non-commodity money if you
want. I am genuinely interested in any criticisms of this point of
view.

-Ian.

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