Re: money doesn't measure

From: Allin Cottrell (
Date: Fri Jul 30 2004 - 00:18:54 EDT

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.


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