From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Fri Jul 30 2004 - 02:44:54 EDT
--- Allin Cottrell <cottrell@WFU.EDU> wrote: > On Tue, 27 Jul 2004, ajit sinha wrote: > > > --- Ian Wright <iwright@GMAIL.COM> wrote: > >> In an economy with commodity money then perhaps > the > >> situation is > >> different and the value scale is set by > labour-time > >> in the gold > >> sector. But I have not thought about this much. > > ______________ > > But Ian, as i have explained so many times, the > > labor-time in the gold sector has no special > meaning > > since labor-time in gold sector requires the > knowledge > > of labor-time in other sectors. If gold is a > commodity > > it is produced by other commodities! Cheers, ajit > > I'm no gold bug, but Ajit, what is your point? > Everybody knows that > the labour embodied in any commodity is a > "vertically integrated" > notion -- that is, it depends on the labour embodied > in all the > inputs. So what? > > The labour embodied in each and every commodity is > in principle > calculable given the input-output table, and in > practice too, if > you're willing to tolerate a bit of approximation. > > Allin. _______________ Allin, it is true that you know this, but it is clear to me that many people on this list don't. My simple point is that the idea that the labor-time in money commodity could be separated out and given a special status to solve the problem of measuring the socially necessary abstract labor does not even get off the block. Cheers, ajit sinha > __________________________________ Do you Yahoo!? New and Improved Yahoo! Mail - 100MB free storage! http://promotions.yahoo.com/new_mail
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