From: Ian Wright (iwright@GMAIL.COM)
Date: Thu Jun 17 2004 - 16:33:59 EDT
Hi Allin > 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? I think the "money as measure" phrase is meant to indicate the relation between prices and labour times, although I agree it is a loose formulation. > 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.) Assuming overall that supply meets demand then if I'm very lazy and take a long time to make commodity A compared to my competitor, but A sells for one price, then some of my labour-time is not rewarded, and was therefore socially unnecessary. No? -Ian.
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