[OPE] intrinsic value

> In effect the VFT argument ultimately seems to disolve this
> distinction between labour-content and price.

The _distinction_ is not dissolved by the non-deviation of prices from
values. A price is a sum of money. The intrinsic value of that sum of
money can equal the intrinsic value of the commodity it buys while the
distinction stands.

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What is the intrinsic value of an account standing at $100 with a solvent US bank?
It is a magnetic record on the database of the bank, using up to date costings for
storage media obtained from current adverts

cost per terabyte $150
cost per byte $0.00000000015
bytes per record 80
cost per record $0.000000012
storage management $0.000000036
total $0.000000048

we could presumably use the MELT to back estimate the number of seconds in this
we assume a MELT of about $20 an hour which will be correct to a factor of about 2
Melt per hour $20
                
Hour per record 0.0000000024
Seconds 0.00000864
nanoseconds 8640

So we obtain a result that the intrinsic value of our $100 dollar account is a few microseconds
of labour. Of course, the labour commanded by that account is about 5 hours of labour, so
it seems unlikely that the intrinsic value of money has anything to do with what it will buy.

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Received on Fri Mar 20 05:48:45 2009