From: Allin Cottrell (cottrell@wfu.edu)
Date: Mon Jun 14 2004 - 21:48:12 EDT
On Mon, 14 Jun 2004, Ian Wright wrote (well, actually he quoted Phil Dunn as writing): > > Homogeneous labour-power and labour can also be measured by money. Could anyone explain this idea (I don't think it's specific to Phil)? I confess it makes no sense to me. How does money "measure" anything? Is this an ellipsis for "[short-run equilibrium] price measures labour-time", in the sense that the quantity of money people are willing to pay for a commodity retrospectively determines the degree to which the labour that went into its production is/was socially necessary? (That I can understand, though I disagree with it.) Allin Cottrell
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