> > I think that it you probably wouldn't find sense in the idea that the
> > product has a monetary measure prior to its sale. In that case, my
> > principle could only be formulated in terms of hours, and in that form, I
> > suspect that we agree on it.
Paul replied:
> You are right there. I dont think that you can assign a monetary valuationto the
> total social product in abstraction from current monetary conditions.
Alan now replies:
Hmmm again. Sorry, but I can't resist this.
If I walk into a shop and see cauliflowers on sale for $1 each, they have a
price, no? But they haven't been sold yet. And if I walk around the shop
and add up the prices of everything, then the total stock of the shop has a
price, no? But that hasn't been sold yet, either. Now if I walk around all
the shops in Greenwich, and add up the prices of all the stock in all the
shops, then the total sales stock of Greenwich has a price, no? But none of
this has been sold, either.
So why can't I add up all the prices of all the goods in all the shops in
Britain, including of course the OEMs, distributors, wholesalers,
resellers, and everyone else offering anything for sale? AKA the 'total
social product'.
Then, I think I've given it a monetary valuation.
Under perfectly concrete monetary conditions.
Alan