From: Paul C (clyder@GN.APC.ORG)
Date: Sat Jun 19 2004 - 15:44:19 EDT
Ian Wright wrote: > > >The low price does mean that some of your labour-time is >retrospectively counted as less than socially necessary. You wasted >some time. But the value of the commodity does not change. > >I can take the socially necessary amount of time to produce a >particular commodity but if no-one wants to buy it then my labour was >socially unnecessary. Is there something wrong with this? > > Just that the language involves a loss of information. To distinct causes are categorised the same way. Since it is possible in principle to distinguish them perhaps we should have different terms for the two situations. As an information processing system, the price mechanism can not distinguish these causes, it is too low a bandwidth channel. But theoretically we should have some terminology to distinguish them.
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