> Humean skepticism aside, I do not expect to find tomorrow
> that one silk hanky is exchanging for 1,000 pianos where it
> is the reverse today... There is considerable stability in
> exchange ratios... I am not claiming that the exact ratio
> can be determined by labor contents--other market related
> factors intervene in the short and long term...
Don't concede too much! True, labour content does not fix the
exact ratios, but there is no other objectively measurable
scalar attribute of commodities that has anything like the
predictive power over price that labour content has, and the
deviations are second-order.
Allin Cottrell.