Andrew
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For instance, imagine that a commodity's value in terms of a numeriare
falls by 3% and the intrinsic value of the numeraire falls by 17%. The
fall in the commodity's intrinsic value is then about 20%, but the
simultaneity postulate wipes away 17 0n one swoop, because the
numeraires
"value" in terms of the numeriare doesn't change. Just as in the corn
model case, a commodity, not labor, has been made the substance of
value.
Paul
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This surely relates not to the issue of simultaneity but to the
distinction between value and exchange value?