From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Sun Jun 06 2004 - 08:08:53 EDT
--- Paul C <clyder@GN.APC.ORG> wrote: > 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. _______________ But where do fiat money get their value from? And all the commodities still have their relative prices even in the case of fiat money. Cheers, ajit sinha __________________________________ Do you Yahoo!? Friends. Fun. Try the all-new Yahoo! Messenger. http://messenger.yahoo.com/
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