A reply to the PIAF
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From: Paul Cockshott
Sent: Friday, December 05, 1997 6:33 AM
To: andrew kliman
Cc: ope-l@galaxy.csuchico.edu
Subject: [OPE-L:5804] Re: commodity money
Paul: "This is quite different from Bailey's argument which derived value
from exchange relations."
Right. And there's a difference between Lutherans and Methodists. But from
where I sit, they're both Protestants, and both Paul and Bailey are Baileyites
with respect to the existence of "intrinsic value."
Paul: "Since gold changes its value relatively slowly, it gave the illusion
of being an invariable standard of value,
but no such standard can in fact exist."
The issue is not whether *exchange-values* can be compared over time -- Marx
agreed with Bailey that no invariable standard of value can exist -- but
whether *intrinsic values* can be compared over time.
Andrew Kliman